Bloomberg Economics predicts Australia's trimmed mean inflation will rise from 3.3% to 3.4% in May.

Australia's national minimum wage was recently increased by 4.75% to protect low-wage workers from the impacts of inflation.

Approximately 20% of all wages in the Australian economy are influenced by the annual national minimum wage decision.

House prices in Australia's major cities of Sydney and Melbourne have been weakening since November of the previous year, a trend that began before the Reserve Bank of Australia started hiking rates.

Bloomberg Economics expects Australia's year-on-year headline inflation to fall from 4.2% in April to 4.0% for May.

House prices in Australia's two largest cities, Sydney and Melbourne, have been weakening since November of the previous year.

Australia's national minimum wage was recently increased by 4.75%.

In contrast to major cities, house prices in smaller Australian capital cities and the states of Western Australia and Queensland continue to show strong gains.

The Citibank Economic Surprise Index for Australia has fallen into deeply negative territory.

Underlying inflation in Australia is projected to rise to 3.4% for May, remaining above the Reserve Bank of Australia's 2-3% target band.