ONLY CHARTS #146

Aus NAB survey, Aus wages, Aus consumer confidence, NZ migration

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1. Australian firms reported improving, but below average, forward orders in July. This measure most closely correlates with domestic demand growth in the economy.

2. Aussie firms also reported an increase in spare capacity in their operations (i.e. a decline in capacity utilisation). This series is a reasonable proxy for the economy’s output gap and correlates with the unemployment rate.