Right on cue comes the RBA and its Futureboom!
Domestic Economic Conditions
Members commenced their discussion of the domestic economy by noting that the March quarter national accounts would be released the day after the meeting. Based on indicators for the quarter received to date, GDP growth was expected to have picked up to be at least 2¾ per cent over the year because export volumes were expected to have recovered after weakness in the December quarter. Growth was also expected to have been supported by consumption, public demand and business investment.
Early indicators for the June quarter suggested that surveyed business conditions had remained at their highest levels since the start of the global financial crisis a decade earlier, but consumption had been less buoyant. Growth in retail sales had been moderate in April; reports from the Bank’s liaison program suggested that unseasonably warm weather had partly explained relatively subdued outcomes for sales of clothing in particular and at department stores more generally.
