Australia Economic Outlook
October 18, 2016The Australian economy grew at its slowest pace in one year in the second quarter, hampered by a poor performance from the external sector and slower growth in private consumption. Data for the third quarter indicate that both business and consumer confidence have remained broadly stable compared to the previous period. At the same time, retail sales in August grew at their fastest pace since January, following a flat reading in July. Taken together, the evidence suggests meek growth in the third quarter. Strong consumer confidence in October, thanks in part to an improving labor market, points to the economy being on a more solid footing at the start of Q4. Meanwhile, according to the RBA, some segments of the housing market have started to show signs of weakness: newly built apartments are staying on the market for longer and are increasingly being sold for less than the asking price, due to a combination of higher supply and more stringent lending standards.
Australia Economy Data
5 years of Australia economic forecasts for more than 30 economic indicators.
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|Bond Yield||2.23||-0.22 %||Oct 26|
|Exchange Rate||0.77||0.71 %||Oct 26|
|Stock Market||5,442||-1.47 %||Oct 26|
Australia Economic Growth
October 18, 2016GDP growth in 2016 should come in above last year’s below-trend result, after having withstood episodes of domestic and international uncertainty. However, a softer-than-expected labor market and continued investment weakness threaten the outlook going forward. Panelists expect GDP to expand 2.9% in 2016, which is up 0.1 percentage points from last month’s forecast. For 2017, the panel expects growth of 2.8%.
Australia Economic News
October 12, 2016
The Westpac-Melbourne Institute Survey of Consumer Sentiment increased 1.1% in October as the index rose from September’s 101.4 to 102.4.
October 11, 2016
The business confidence index published by the National Australia Bank (NAB) was stable in September at August’s 6 points.
October 5, 2016
Nominal retail sales inched up 0.4% in August from the previous month in seasonally-adjusted terms, up from July’s flat reading.
October 4, 2016
At its 4 October monetary policy meeting, the Reserve Bank of Australia (RBA) kept its policy rate steady at an all-time low of 1.50% after cutting its rate by 25 basis points twice this year, once in May and once in August.
September 15, 2016
The labor market lost 3,900 net new jobs in August compared to the previous month in seasonally-adjusted terms.