Reports of the death of the Aussie economy have been somewhat exaggerated.
In 2013, the economy recorded growth of 2.8%, which included a respectable 0.8% in Q4 following on from 0.6% in Q3.
This takes the Aussie economy into 2014, its 23rd consecutive calendar year without a recession.
An outstanding effort.
I'm not sure we need to spend hours delving into the component parts of growth.
In any case, it's the future we're interested in most, not what was happening at the end of last year.
Coming up in 2014 and 2015, the Australian economy faces one major challenge, and that is that capital expenditure will fall as the mining construction boom drops off.
This has been well known for a long time, both in the mining industry and by the RBA.
We can't keep building mines forever, it's true.
Now the mines have to start making us some money in the form of exports.
And well, we're certainly starting to ramp up the volumes...
So, in the red corner we have falling capex and, to date at least, a weak labour market (job ads have recently picked up, though).
What about in the green corner?
Saving me some brainstorming time, Koukoulas listed what the Aussie economy has got going for it here, namely:
"Job ads up
• House prices up
• Home building approvals up near record highs
• Retail spending strong
• Company profits growth up over 10 per cent
• Government tax revenue stronger than expected
• Business conditions lifting
• ASX near 6 year high
• Exports booming
• Interest rates at record low
• Government demand no longer restrictive
• Aussie dollar low
• Non-residential construction up
• Inflation lifting to upper part of RBA target band"
Kouk had another rundown this morning here after the GDP result.
Lots to be positive about, especially after the AIG services data this morning. Services makes up a huge chunko of the Aussie economy after all.
And indeed share markets did break a 6 year high by the close today.
Tomorrow we'll take a look at what news the RBA brings with its latest Chart Pack.
There's life in the old dog yet.