New business surveys suggest that economic momentum in Australia will remain solid through the second half of the year. However, we would caution that these surveys have recently overstated the strength of domestic demand. Moreover, with price pressures appearing contained, the data shouldn't stand in the way of the RBA cutting rates a couple more times to return policy settings to neutral. Elsewhere, we suspect that the New Zealand economy slipped back into contraction last quarter. That said, there are encouraging signs of a consumer-led rebound in Q3.
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