We got the June quarter GDP data from Australia yesterday, a solid results for the headline (in the context of the recent run in this data) that was nevertheless a miss on expectations:

I posted responses from analysts after the data yesterday:

This now, via National Australia Bank, I pulled out just a snippet on "Outlook and Implications"

  • There are certainly some positive signs in the data, including for business investment and government investment. This fits with the RBA's upbeat view on the economic outlook, is consistent with the next move in rates being up rather than down, and raises the risk that the RBA may hike sooner than we currently expect in 2019.
  • We do retain a degree of caution however - particularly when the outlook for key pillars of growth such as wages and consumer spending are clouded amidst structural changes in the labour market and high household debt levels, the exchange rate has risen, and there is a risk that the dwelling construction cycle may be peaking earlier than expected.
  • In this environment, the inflation targeting central bank will need to be more confident that wages and underlying inflation will pick up in a sustainable fashion. Any emerging risks in the housing market are likely to be addressed through other (non-interest rate) channels, at least for now.

(bolding mine)