Back
11 Jun 2014
Australia snap shots - NAB
FXStreet (Guatemala) - Strategists at National Australia Bank gave a snap shot of the economy in Australia.
Key Quotes:
“Australian business confidence emerged unscathed from Budget but conditions drifted down for third consecutive month and now negative”.
“Stronger GDP growth was supported by net exports and dwelling investment, but consumption growth was weak and business investment fell again (non-mining yet to fill gap). Forward indicators from survey remain weak”.
“Dwelling market surge subsiding and construction to soften. Australian forecasts marginally higher (reflects history): 3.3% (was 3.1%) 2014/15, 3.0% (was 2.7%) in 2015/16. However domestic demand growth likely to remain at 1% or less going forward. Hence jobless growth still sees unemployment rate peak at 6¼% by end-2014. Cash rate unchanged until late 2015”.
Key Quotes:
“Australian business confidence emerged unscathed from Budget but conditions drifted down for third consecutive month and now negative”.
“Stronger GDP growth was supported by net exports and dwelling investment, but consumption growth was weak and business investment fell again (non-mining yet to fill gap). Forward indicators from survey remain weak”.
“Dwelling market surge subsiding and construction to soften. Australian forecasts marginally higher (reflects history): 3.3% (was 3.1%) 2014/15, 3.0% (was 2.7%) in 2015/16. However domestic demand growth likely to remain at 1% or less going forward. Hence jobless growth still sees unemployment rate peak at 6¼% by end-2014. Cash rate unchanged until late 2015”.