On the face of it Australia’s economic report card looks good. Real GDP growth was running a touch above potential growth at 3.3% y-o-y in Q2 with an unemployment rate at a three-year low 5.6% in August. National income helped by a brief burst of higher commodity prices took a stronger turn too in Q2 and annual wages growth while still very low at 2.1% y-o-y in Q2 may be basing after the decline of the past two years. Housing activity is holding up for the time being and while growth in household consumption spending is on a fade, it is not too worrying a decline just yet. Falling mining investment spending, the biggest detraction from economic growth over the past two years, may be about to fall at a less pronounced pace over the next year. Please continue below or on the attached PDF.