The unemployment rate in Australia has declined from 6.3 per cent to 5.7 per cent since the beginning of 2015, taking the trend unemployment rate to its lowest level in 34 months at 5.71 per cent.
In effect, via the unwinding of mining capex resources regions will be experiencing the multiplier effect of the mining investment boom in reverse, sucking some mining-dependent regions in Western Australia and Queensland into a gravitational black hole. I think this has already happened, in truth, the data will just confirm it.
Anyway, that's tomorrow's news, but one senses the outlook for capital expenditure won't be all that great, and the recovery in all likelihood has a long way to run.
(huge h/t to whichever internet wag created the above graphic - it gets me every time...too funny).
Some Treasury forecasts...
As new resources projects come online, Treasury expects the Australian economy to keep growing at a solid clip, in part driven by increasing export volumes, particularly of LNG.
Tourism and education exports are also expected to be key contributors, a theme I've looked at quite a bit on this blog.
There are now $397 billion of Treasury bond securities across 23 lines on issue - a dozen of which have more at least A$20 billion outstanding - but look how low some of those coupon rates are...