Jun 3, 2014

RBA will hold fire today as economy chugs along

The economy continues to underperform, though not as badly as the figures might suggest, Glenn Dyer and Bernard Keane write.

So we’re now two days into an important week of economic data, and the news is mixed: the economy was performing well in the first quarter of this year, but its trajectory since remains unclear.

This morning the Australian Bureau of Statistics revealed a strong trade turnaround in the first quarter, due to the rebound in the trade position from a small deficit in the December quarter to a big surplus in the three months to March. The net goods and services surplus rose more than 50% to $15,118 million in the quarter. That’s expected to add 1.4 percentage points to GDP growth in the quarter.

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