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Survey data point to resilience in economic activity

Flash PMI data published yesterday showed that Australia's composite output index rose to a 10-month high in February. Taken together with other leading indicators, the data suggest upside risks to our near-term forecasts for GDP growth. Nevertheless, with the labour market cooling and inflation in retreat, we doubt the RBA will see fit to tighten policy any further. Elsewhere, we learnt that one in five Australian employers used non-compete clauses in 2023. However, we suspect that those contractual restraints aren't meaningfully impeding job turnover.

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