A significant turning point for the US stock market was reached in Q3 2016 with the return of positive year-on-year growth in US corporate profits. The long-awaited return of Australian earnings growth may be happening too, based on a recent research report by Deutsche Bank's Australian equity strategy team. The Australian consensus EPS growth forecast for FY17 sits at around 9% and has actually been upgraded in recent months. That sits in stark contrast to recent years (and the historical average) where downgrades are the norm. By this time in 2015 and 2014, forecasts for next year's earnings growth had already been cut in half (or more) after starting the year at around 9% (see the first chart).