Members began their discussion of the Australian economy by noting that GDP had grown by 0.6 per cent in the December quarter. Growth in household consumption and dwelling investment had been strong in the quarter, while net exports had been little changed and business investment had subtracted from growth. Including upward revisions for the September quarter meant that GDP had grown by 3.0 per cent over 2015, which was stronger than forecast in February. Members noted that this outcome was broadly consistent with the improvement in the labour market observed over 2015. More recent data had suggested that the ... (full story)