In trend terms annual growth has declined to +3.3 per cent, which is below the half decade average.
State versus state
The ACT had seen a burst of activity earlier in the year following the opening of a new IKEA, but this fad too seems to have passed.
After a decade of stagnation best performing state year-on-year was Tasmania.
A soft result, overall, and the household savings ratio is still quite elevated.
An interesting week ahead, with the May housing finance figures due out tomorrow morning.