Job advertisements rose by 0.5% m/m in June and 8.0% y/y. This is a smaller gain than the strong rise reported in May (+2.2% m/m). In trend terms, job advertisements were up 0.4% in June. Internet job advertisements are the main driver of job ads and they rose 0.6% m/m in June.

Tuesday brought Australian Retail Sales and Trade Balance figures. Australian Retail Sales rose 0.2% in May 2016. This follows a rise of 0.1% in April 2016 and a rise of 0.4% in March 2016. In trend terms, Australian turnover rose 3.3% in May 2016 compared with May 2015. The following industries rose in trend terms in May 2016: Other retailing (0.5%), Food Retailing (0.1%), Cafes, restaurants and takeaway food services (0.4%) and Clothing, footwear and personal accessory retailing (0.3%). Household goods retailing (0.0%) and Department stores (0.0%) were relatively unchanged in trend terms in May 2016.

Separate report, on Trade Balance showed that in seasonally adjusted terms, the balance on goods and services was a deficit of $2,218m in May 2016, an increase of $433m (24%) on the deficit in April 2016. Goods and services credits rose $188m (1%) to $26,170m, while goods and services debits rose $620m (2%) to $28,387m.

However, the focus of the session was on RBA rate decision and the following statement. Australia’s central bank stood pat on interest rates as it awaits inflation data due later this month to assess its next move. Governor Glenn Stevens left the cash rate at 1.75% Tuesday, as forecast by every economist surveyed, saying “over the period ahead, further information should allow the board to refine its assessment of the outlook for growth and inflation and to make any adjustment to the stance of policy that may be appropriate.”

This week markets will be looking at:

NAB Business Confidence (Tuesday 3:30)

China's Trade Balance (Wednesday)

Employment Change/Unemployment Rate (Thursday 3:30)

China's GDP (Friday 4:00)

China's Industrial Production (Friday 4:00)