Construction crash to drive endless Aussie recession

Markets have stopped discounting bad Aussie data in the past few months as global trading dynamics overtake fundamentals. But it is worth revisting the new year PMIs to recall just how bad is the Australian economy right now, as well as how much policy work remains ahead.

The AIG PMI series released in the first few days of January was a triptych wipeout. Manufacturing fell into contraction led by the construction bust:

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