Yesterday's Australian gross domestic product (GDP) figures were better than most people had expected, with GDP in the December quarter rising 0.8% seasonally adjusted, bringing annual growth to 2.8%. (Original data here, example of reporting here).
Its been interesting reading the economic commentary over the last month, for it has bounced around depending on whether the news is good or bad. It's actually quite difficult to hold a steady view in the face of such reporting gyrations.
At this point, I think that we can say that so far Australia has survived the end of the mining investment boom better than expected, although biggish falls in mining related capital investment lie ahead. Overall growth is still below trend, still below the level required to soak up un and under employment.
I must admit that I'm worried about the apartment property bubble. Walking through Westfield Parramatta over the last few days, there is a stand at the front entrance predominantly manned by people of Chinese extraction selling a new apartment block. An article by Max Mason in the Sydney Morning Herald carries the headline Locals priced out by $24 billion Chinese property splurge. The analysis below the headline doesn't quite support that dramatic conclusion, but Chinese investment in certain parts of the metropolitan property market is driving demand.
Oh well, time to get on with the day!