VIEW: After yesterday's AU labour market data...>

RBA: VIEW: After yesterday's AU labour market data HSBC's Paul Bloxham noted

that "the Australian economy looks to be in its best shape in 6 years. That is

what you would glean from the 2 broadest metrics of economic health, the

unemployment rate & GDP growth. Why is this coming about now? Because

Australia's economy is getting tailwind from solid global growth & the drag on

the economy from the long & drawn-out fall in mining investment & commodity

prices is coming to its end." He went on to note that "the reduction in spare

capacity in the labour market is consistent with last week's Q2 GDP data, which

showed growth hitting a 6-Year high of 3.4% Y/Y. We expect strong overall

economic growth to push the unemployment rate lower in coming quarters,

supporting a gradual lift in wages growth and for this to see the RBA begin to

lift its cash rate from Q219."