Australian press (Fairfax) have collated more responses to the Australian GDP today
The results (ICYMI) are here,
- Australia Q4 GDP: 0.6% q/q (expected +0.4%)
and earlier responses:
- Australian GDP blow-out - responses continue: "Get that up ya!"
- Quick take on the blow-out Australian GDP result
More (boldings mine):
NAB senior economist David de Garis
- 3 per cent figure for the year ... half a percentage point above where the RBA thought we'd be
- Given Australia is going through the biggest mining pullback in our lifetimes, this is a pretty good outcome
- Our baseline is that the RBA is done cutting, and these numbers only support that view
RBC Capital Markets senior economist Su-Lin Ong
- corroborates some of the strength in the labour market in the second half of the year
- looks like activity was running a bit firmer than even the RBA's own forecast
- But, we would argue that the more recent data and the more timely numbers are showing some moderation in a couple of key areas
- We doubt there is as much momentum in early 2016
- Still think the risk is for further easing
CBA chief economist Michael Blythe
- We ended 2015 with a fair amount of momentum, which would be a pretty handy protection given the gyrations we've seen in the financial markets since the start of this year
- It looks like we've seen a fair bit of consumer activity going on and the general assumption we've had is that consumers remain weak, but it could be a potential source of upside surprise in the economy in 2016
- The other interesting thing here is that the 3 percent annual growth now makes the strong job numbers the ABS have been reporting look more reasonable
CommSec economist Savanth Sebastian
- the Australian economy is doing well
- Certainly this isn't an environment in which the Reserve Bank would be looking to cut rates, and perhaps, it results in policymakers removing the easing bias in coming months
- It seems like the labour market was leading the GDP figures
- Even more encouraging, the result was broad-based with household consumption, public investment and government consumption all contributing to the growth story
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Meanwhile, the AUD has stalled around session highs
I'd be looking for more upside during UK/Europe ... dips should be supported. The risk to the view is USD & yen strength, 'risk off' wiping out the good Oz news.
