Executive summary

  • Growth in Australia’s economy slowed in Q1, but was better than economists had expected
  • Annual growth, however, now is the weakest since 2009 … a period immediately following the GFC
  • Poor weather held back export volumes last quarter, but business investment rose
  • The output dynamics may have been underwhelming in Q1, but the income metrics were better
  • The terms of trade, for example, rose again, driving another lift in national living standards
  • The official policy levers are constrained, but elevated AUD has scope to weaken

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