Q4 GDP data released this morning showed a 0.4% seasonally adjusted increase over the quarter for a 2.3% annual increase. Whilst lower than many expectations, the annual rate is not a surprise. Growth remains below "trend" but, as we argue in our latest issue of The CONUS Quarterly, perhaps in these financially straightened times we should be adjusted our expectations of "trend".
State Final Demand for Queensland was +1.2% (for an annual increase of 9.7%). QLD, together with WA (+11.0%) and NT (+6.1%) were well ahead of the pack with 2 states (SA and TAS) recording negative growth for the year.
Full details of today's data, as well as a close look at Australian tourism, are in The CONUS Quarterly.