Homing in on the drivers of growth

Building approvals data showed some encouraging signs, but residential investment is a small driver of the economy. US payroll figures will provide more clues on how the Reserve Bank will act.

Building approvals surprised on the upside as we begin a big week for the Australian economy. Tomorrow sees the release of retail trade for October and the final Reserve Bank board meeting of the year, followed by September quarter GDP on Wednesday.

But for many, all eyes will be turned to the US where payrolls for November may provide the best indication yet on the timing for the taper.

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