Slow steady growth is good for demand
The global growth outlook remains supportive with US growth increasing and commodity prices remaining firm. However, global risks have increased given an acceleration of the trade war between the US and China, a lack of clarity around a Brexit outcome and volatility in share markets. The key issue for Australia is the continuance of Chinese and US growth in the face of trade pressures.
Domestically, the housing sector continues to slow with housing approvals falling by 6% over the past year and further declines ahead. Employment growth, while solid, is expected to slow mildly.
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