A focus on GDP misses the bigger picture

Strong growth in export volumes will give the Reserve Bank a reason to smile, but the narrowness of Australia's drivers of growth is already a cause for concern.

The Australian economy grew strongly in the March quarter but more timely indicators of activity suggest the economy has slowed significantly in the June quarter. With the iron ore price declining and the Chinese economy looking shaky, we should not dwell long on the past when we face so many near-term challenges.

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