GDP, the Outlook and the RBA
• Overall GDP was OK. However, the data revealed mixed fortunes across the economy
• For the RBA, the data would be disappointing but a forward looking central bank would not be using the GDP rear view mirror to calibrate monetary policy. The detail of their forecasts will change but the outlook probably little
• Looking ahead, the big news for the week internationally is tonight in the form of US Non-farm Payrolls. China data over the weekend also very important. NAB Survey, W-MI Consumer Confidence and the Labour Force keys next week
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NAB