There was good news for people looking for employment with a smart rebound in job advertising reported after lengthy coronavirus lockdowns in major cities.
But the news wasn't so positive for motorists, who are still having to pay a small fortune to fill up their car.
The ANZ job advertisement series rose 6.2 per cent in October, recovering the losses of the previous three months during the COVID-19 restrictions.
ANZ senior economist Catherine Birch believes this signals the beginning of a rapid rebound in employment as NSW, Victoria and the ACT open for business.
The strongest result came from NSW, where new job ads rose almost 17 per cent ahead of the reopening on October 11.
Meanwhile, the Australian Institute of Petroleum said the national average for unleaded petrol declined a modest 0.7 cents a litre in the past week to 168.8 cents, and down from a record high in the previous week.
However, Commonwealth Securities chief economists Craig James noted that prices hit record highs in Adelaide, Hobart and Canberra.
Rising fuel prices were a key factor in last week's inflation figures which kept the annual rate at three per cent and at the top end of the Reserve Bank of Australia's two to three per cent target band.
More importantly, the annual rate of underlying inflation - which smooths out excessive price swings and is linked to interest rate decisions made by the RBA - unexpectedly jumped to 2.1 per cent.
It was the strongest result in six years.
The RBA will hold its monthly board meeting on Tuesday at which economists expect governor Philip Lowe will bring forward the guidance for future interest rate moves.
For months the central bank has been adamant the cash rate will not be increased until inflation is within sustainably in the target, an event it had not expected to occur before 2024.
Separately, manufacturing has so far failed to benefit from the easing of these restrictions, while faced with supply chain disruptions and difficulties in filling employment positions.
The Australian Industry Group's performance of manufacturing index eased 0.8 points in October to 50.4, holding just above the 50-mark that separates expansion in the industry from contraction.
It was the fourth consecutive monthly decline and the weakest index result since September 2020.
"Although restrictions began to be eased, vaccination rates rose and the country edged towards a living with COVID approach, the year-long run of improving manufacturing performance was put on hold in October," Ai Group chief executive Innes Willox said.
"Ongoing restrictions, supply chain dislocation and difficulties in filling positions combined to hold back further expansion in the sector."
However, Mr Willox was encouraged by the sharp lift in new orders and the further progress towards removing outstanding COVID-19 restrictions.
Australian Associated Press
