Trade and retail sales data for November both provided some reason to be optimistic about GDP growth in Q4. But looking past the positive headlines, we still think the outlook for domestic demand in 2020 is subdued. And forward indicators of the labour market support our view that the unemployment rate will rise to 5.5% by the middle of this year. The combination of weak domestic demand and a softening labour market is why we think the RBA has more work to do.
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