Summary: Local commentators have been dour on the outlook for Australia for some time, with their view seemingly supported by weakening official economic figures. But this data has too many inconsistencies and puzzles. Moreover, from an international perspective Australia still compares favourably to other advanced economies – it's just that several factors including this incessant pessimism, the push to lower the dollar and slumping commodities have dampened investors' appetite.
Key take-out: At some point commodities will settle, as will the Australian dollar. At that point global investors will be ready to act on our relatively attractive metrics – and the market should rally further.