Details show that the picture isn't all too rosy
Seasonally adjusted data shows that all industries barring food reported a decline for the month of March. That's not exactly the kind of thing that embodies a healthy consumer pattern in the economy.
Disposable income goods such as those spent on electronic goods, department stores' products, clothing, cosmetics, eating out at cafes, restaurants were all down on the month. Instead, it is stuff like groceries, confectioneries, furniture, houseware that is helping to keep up the increase.
One of the RBA's main source of uncertainty is household debt/consumption. And the pattern here continues to suggest that the central bank is set to stay on hold for quite some time still. If Q1 growth struggles, it will pretty much all but confirm that 2018 will not be when the RBA is to move to raise its cash rate.
