The latest Weekly Market and Economics Review for 8 October from Queensland Treasury Corporation (QTC) nicely summarises recent data showing an improving economic outlook across Australia:
Last week’s dataflow was generally better than expected and consistent with the recent more upbeat picture, shown in improved consumer and business sentiment and the broadening recovery in housing.
Building approvals fell by 4.7 per cent in August, though this followed a 10.2 per cent rise in the previous month, leaving the uptrend intact. House prices have also risen further; the RP Rismark house price series rose by 1.6 per cent in September and by 5.5 per cent over the year. Retail sales rose by 0.4 per cent in August, and the latest credit data from the RBA shows modest acceleration in lending momentum. Finally, the performance of manufacturing index (PMI) and performance of services index (PSI) both recorded healthy gains in September.
The note which was sent out yesterday isn’t available from QTC’s website yet but when it becomes available you can download it from here:
QTC of course is the Government’s debt management office, which borrows billions of dollars on behalf of the Queensland Government and local councils.
Also worth checking out is Pete Faulkner’s latest post on the latest ABS overseas arrivals and departures data:
I’m pleased that Chinese tourism to the Far North is looking healthy. As Pete observes:
Of particular interest to the tourism industry in FNQ are the Chinese arrivals. After 2 consecutive months of declines in June and July, August saw a return to (very modest) growth. Arrivals from China were up 400 for the month to 62,700. Over the past 12 months we have welcomed 712,500 Chinese, an increase of 16% from a year ago. The Chinese accounted for 11.2% of all arrivals in the past 12 months; another new record high.