Growth momentum slowing
Q4 2022 Australian GDP was weaker than predicted. The domestic economy expanded by a sluggish 0.5% (mkt 0.8%), with annual growth stepping down to 2.7%pa. A closer look at the detail doesn’t paint that much of a rosy picture. Net exports were a large positive contributor to growth in Q4 (adding 1.1%pts to the quarterly result), thanks to a rebound in coal exports and travel services which were boosted by the inflow of tourists and returning students. Consumption of services was also positive once again, though the slowing trend suggests the post-lockdown catch-up spending on services has now largely run...