This via Westpac's initial take on the data, their comments in brief:
- a period of above trend growth over the past year
- fastest annual pace since 2012
- backdrop of relatively strong global growth
- Strong population growth and the need to lift investment to meet the needs of a growing population are key positive dynamics
- government spending, in the form of public demand, is expanding at a brisk pace
- Home building activity added to activity over the past year, but is likely to turn down from historic highs as we move into 2019
- drag from the mining investment boom is greatly diminished
- commodity prices are up from the lows of late 2015, providing better cash flows for the mining sector and boosting government revenue
- Consumer spending … on a per capita basis, spending growth remains lacklustre with ongoing weakness in wages growth a constraint.
- More recently, dwelling prices have eased from historic highs, as lending conditions tighten, a development which will weigh on the outlook
Those last points a 'look ahead', WPAC noting the challenges
