The March quarter national accounts provided further confirmation that the Australian economy performed solidly over the past year but, areas of weakness persist and are likely to weigh on the outlook, according to analysts at Westpac. Key Quotes “Consumer spending is ‘slightly below trend’ over the year (2.9%). But even this sub-par pace appears unsustainable over the forecast period, with 2.5% more likely for 2018 and 2019 overall.” “The turnaround in house price growth from 11.3%yr nationally a year ago to -1.5%yr currently, could also see negative spill-overs for consumer demand.” “As to home building activity, this contracted by 5.0% in 2017, consistent with the decline in dwelling approvals from the historic highs of 2016. This downturn is set to accelerate into 2019.” “All told, we expect GDP growth to moderate to 2.7% in the year to December 2018, then slip to a below trend 2.5% for December 2019.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Iraqi OilMin: Favors keeping current oil output deal through year-end FX Street 3 years The March quarter national accounts provided further confirmation that the Australian economy performed solidly over the past year but, areas of weakness persist and are likely to weigh on the outlook, according to analysts at Westpac. Key Quotes "Consumer spending is 'slightly below trend' over the year (2.9%). But even this sub-par pace appears unsustainable over the forecast period, with 2.5% more likely for 2018 and 2019 overall." "The turnaround in house price growth from 11.3%yr nationally a year ago to -1.5%yr currently, could also see negative spill-overs for consumer demand." "As to home building activity, this contracted by 5.0%… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
