Abbott takes aim at Australia’s foot

Don't be fooled by a strong GDP result. There are clouds on the economic horizon, which will darken as the government continues to batter consumer confidence while exports are under pressure.

All the forecasts point to a strong result for first-quarter GDP growth when the national accounts are released on Wednesday, but while the Aussie dinghy is sitting in calm waters and warm sunshine at the moment, there are storm clouds up ahead.

It looks like March quarter GDP was hit by two beams of sunshine: housing investment lifted domestic demand and a burst of iron ore imports by China lifted net exports. Neither will continue.

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