Global equity markets continued to correct through February but staged an early March recovery and oil prices recovered strongly from mid-February – up 37%. US economic data continued to improve, whilst in China economic data continued to consolidate and target minimum growth of 6.5%.
In Australia, GDP in the fourth quarter of 2015 was stronger than expected at 0.6% following growth of 1.1% in quarter three. Annual growth in 2015 sat at 3%. Household consumption was notably strong at 0.8% and the household savings rate dropped to 7.6%, the lowest since prior to the global financial crisis.