The strong figure for Australia's economic growth in the first quarter of the year was not matched by the data that followed during the Jubilee-shortened three-day week. Just 24 hours later the construction sector purchasing managers' index edged lower again, reminding investors that Australian property and real estate are having a tough time of it. For two years now the construction PMI has been below 50, indicating falling activity.
Nevertheless, giving a speech on Friday Reserve Bank of Australia Governor Glenn Stevens was upbeat. Insisting that "Australia's glass is at least half full" Mr Stevens criticised an "unrelentingly gloomy" public. He pressed the point that "The financial system is sound. Our government is one among only a small number rated AAA, with manageable debt."
And the Australian dollar had another good week. It strengthened against all but the New Zealand dollar.