Australia Economic Outlook
January 22, 2019Available data suggests the economy regained some steam in the fourth quarter of last year, following a disappointing third quarter in which falling house prices and anemic wage growth restrained consumer spending. In October-November, exports jumped on soaring commodity shipments, benefiting especially from liquified natural gas capacity coming online, while business confidence remained in expansionary territory. Low unemployment levels, solid job creation and strengthening retail sales in the same period point to some recovery in household spending, as does rising consumer confidence throughout Q4. However, November’s retail sales were boosted by Black Friday and Cyber Monday sales, which could result in weaker sales in December. Tumbling house prices in Q4 could also have limited the recovery in spending, while a dive in consumer confidence in January bodes ill for private consumption at the beginning of the year.
Australia Economic GrowthGrowth should moderate in 2019, as sluggish wage growth, high household debts and continued property market correction weigh on private consumption, while falling construction activity and mining investment constrain the expansion in fixed investment. However, growth will remain healthy nonetheless, underpinned by rising LNG shipments buttressing the external sector. That said, the volatility of commodity prices and a stronger-than-expected deceleration in growth in China represent clear downside risks. Met the why particular panelists expect GDP to expand 2.7% in 2019, unchanged from last month’s forecast, and 2.6% in 2020.
Australia Economy Data
5 years of Australia economic forecasts for more than 30 economic indicators.
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|Bond Yield||2.24||1.47 %||Jan 30|
|Exchange Rate||0.72||0.05 %||Jan 30|
|Stock Market||5,951||0.08 %||Jan 30|
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Australia Economic News
April 18, 2019
Seasonally-adjusted employment increased by 25,700 in March from the previous month, following the revised 11,700 jobs added in February (previously reported: +4,600 jobs) and overshooting analysts’ expectations of a gain of 12,000.
Australia: Tax cuts and higher spending promised in early surplus budget as Labor party narrowly leads the polls
April 15, 2019
On 18 May, Australia will hold Federal elections after Prime Minister Scott Morrison, of the ruling center-right Liberal–National Coalition (Coalition), triggered the vote on 11 April.
April 11, 2019
The business confidence index produced by National Australia Bank (NAB) fell to minus 0.4 points in March from plus 1.8 points in February.
April 11, 2019
The Westpac-Melbourne Institute consumer sentiment index rose to 110.7 in April from 99.8 in March, which had marked the worst reading in one year and a half.
April 3, 2019
At its 2 April monetary policy meeting, the Reserve Bank of Australia (RBA) left the cash rate unchanged at an all-time low of 1.50%, where it has been for over two years.