Non-mining sectors holding Aussie economy together

From the National Australian Bank – non-mining GDP growth is already running at around or slightly above trend at around 2.75%. This improvement accords with the message of sectoral business conditions in the NAB survey. In 2011, interest rate markets ignored the strength in mining and correctly priced off the weakness in the non-mining economy. Non-mining GDP growth is already running at around or slightly above trend at around 2.75%. This improvement accords with the message of sectoral business conditions in the NAB survey. In 2011, interest rate markets ignored the strength in mining and correctly priced off the weakness in the non-mining economy. While it’s much too early to make the reverse conclusion, especially given the pick up signalled is only very mild, it’s certainly a scenario worth monitoring as it would be a major surprise for Australian rate markets.

Aussie mining non-ming

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