Part 1 - Headline GDP Miss
The key "misses" against expectations were declining mining investment, which perhaps not that surprisingly undershot expectations (-0.2ppts), and public investment (-0.2ppts).
Part 3 - Household Accounts
Gross disposable incomes increased by 3.9 percent over the past year.
That said, as pointed out on this blog many times, there are a great many parts of regional Australia which already are effectively experiencing recession-like conditions.
Part 4 - Interest Rate Impacts
In 2015, we expect to see Sydney continuing with its hot streak buoyed by stimulatory borrowing rates and a stronger year for Brisbane as investor attention shifts north of the border. For that reason, we'll be buying in Brisbane too in 2015.