An RBA Board Member Says An Australian Economic Downturn Has Been Averted

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The AFR reports this morning that noted Australian economist and RBA Board member John Edwards sees signs in the Q4 GDP data released yesterday that the Australian economy might be lifting off.

Edwards told the AFR that the debate on what exactly is happening in the economy is coming down on the side of the bulls:

“There’s a debate about whether the place is picking up or tipping into a very serious downturn, and this certainly argues against the serious downturn point of view,” he said. “I think we are getting a bit of strength and making the transition and continue to grow not too far below trend.”

Edwards also noted that housing was a potential flash point for monetary policy, telling the AFR that while house price rises seem to have moderated, it would be a “concern” if the surge went on for what he termed a “protracted period”.

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