Australia's economy 'out of sync' with global trends - JP Morgan

JP Morgan is out with a note by their Australia economics team, highlighting the growing rift between Australia's economic outlook compared to global trends.

Key highlights:

• Australian economy is "desynchronized" with rest of global economy
• Desynchronisation is likely to continue into the future
• High household debt ratios and weak wage growth crimping recovery in consumption spending
• JP Morgan, RBA don't share same outlook on Australia's growth prospects, but RBA did mention consumer issues at last meeting
• Consumer constraints from low wage growth and unsustainable levels of household debt render consumers unable to increase spending