The good news is the surge in business investment is laying the groundwork for improved growth. This is what the central bank wants and so they will stay on the sidelines.
More Quotes from Jarrod Kerr:
This is a concern for Australia's growth outlook. We've been depending on better exports to take up some of the slack in the Australian economy as consumer spending cools. So far, that transition hasn't been very smooth.Jarrod Kerr
Growth in employment this year is likely to be substantially lower than over the past year. In that sort of environment, we forecast the central bank will leave interest rates unchanged for the rest of the year.
Jarrod Kerr
I think the bank (RBA) will welcome that with open arms and it will further confirm their idea to sit on the sidelines at this stage and ride out the blip in oil prices.
Jarrod Kerr
The much-needed rotation in the sources of Australia's economic growth away from consumer spending and home building is well under way.
Jarrod Kerr
Exports are struggling to get traction. The monthly report highlights the capacity constraints in Australia. We need a lot more capital investment to alleviate the bottlenecks. Exports will continue to take away from GDP in the third quarter.
Jarrod Kerr
We don't think there is anything to warrant a rate move from the central bank. Even though building approvals rose in November, housing is still in correction mode.
Jarrod Kerr
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