Summary: Jobs growth is the strongest it has been for seven years. The non-mining economy is doing quite well while business conditions are above average and business credit growth is rising. A number of indicators point to solid and ongoing strength in the non-mining sector, which is unlikely to be curbed by high debt or rising interest rates. Although China is slowing, growth in our major trading partners is only slightly below trend.
Key take out: While some negatives may weigh, they don’t look like they’ll be sufficient to offset the tremendous scope for strong growth in the Australian economy.
Key beneficiaries: General Investors. Category: Economy.