After a pronounced slowdown in the September quarter of last year, most Australian economic data indicators, including those released this week, have offered little in the way of good news. Building approvals collapsed in November, falling to the lowest level in five years. All three PMI reports released by the Ai Group showed conditions in the services sector improved at a slower pace in December while those for the manufacturing and construction sectors actually deteriorated. The construction PMI, particularly for the residential sector, offered an incredibly bleak picture on the outlook for building activity in ... (full story)