Australia's population growth has declined by nearly 1%-pt since its post-pandemic peak, driven in large part by a normalisation in international student arrivals. The drop in foreign student numbers is likely to weigh on both activity and inflation in the coming quarters, potentially opening the door for the RBA to cut rates further than we're currently anticipating. Elsewhere, we learnt that the New Zealand economy grew at a decent clip in Q1. However, recent PMI figures point to renewed weakness this quarter.
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