Australian confidence cut to the quick

Overall growth looks pretty good, but the Reserve Bank’s determination to carve into Australian dollar strength is decimating confidence.

I mentioned yesterday in my Scoreboard column that Australia’s first quarter growth would probably be closer to 0.5 per cent compared to the consensus forecast of 0.8 per cent – and that’s pretty much what we got. Unfortunately we’ve also seen the usual bout of hysteria that accompanies softer data. Indeed a quick scan of the newspapers this morning sees many senior commentators talking about a recession or downturn.  

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