Westpac on the Aussie GDP data out earlier today.
The bank's conclusion:
The detail of this update will provide policy makers with some comfort.
Consumer spending growth at close to 3.0% suggests that the economic expansion is more broadly based than previously assessed.
- Although the scope of revisions to consumer spending raises some questions about the reliability of these estimates - moreover, it seems a little at odds with some other indicators, such as the retail trade survey.
Going forward, the household sector remains vulnerable at a time of relatively weak wages growth and high debt levels.
The price / wage dynamic remains as it was - with core inflation below the band and private sector wages growth remains relatively weak.
We also note that consumer spending at 2.9% is still a little below the long-run average and is not a pace that would typically lead to a build-up in inflation pressures.
(bolding mine)
