National accounts figures released this week showed that subdued household spending continued to weigh on the Australian economy in Q4. However, with a recovery in real disposable incomes taking shape, we think there is scope for a gradual pickup in private consumption going forward. Elsewhere, in New Zealand, households are growing optimistic about prospects for a house-price rebound in the months ahead. While we do expect the housing market to turn a corner, any benefits for the real economy are likely to be few and far between.
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