I finally arrived back home late last night, so I am catching up today. Part 2 of the series I started on Monday will appear next Monday. Yesterday (March 4, 2026), the Australian Bureau of Statistics (ABS) released the latest – Australian National Accounts: National Income, Expenditure and Product, December 2025. The data shows that the Australian economy grew by 0.8 per cent in the December-quarter 2025 (up from 0.5 per cent) and by 2.6 per cent (up from 2.1) over the 12 months. But as you will see, it was the inventory cycle that was the difference and we can expect that to reverse in the March-quarter 2026 given that businesses will have replenished their stocks or not sold stocks in the last quarter of 2025. So let’s not think this rather strong growth result will persist into 2026.