Consensus expectations are for profit growth of 13.4 per cent for the year to the December quarter.
More Quotes from Shane Oliver:
Interest rates globally are putting some pressure on financial stocks. It's quite possible we go through a bit of a correction in share markets around the world.Shane Oliver
It is a significant psychological milestone, the approach of which has triggered some profit-taking over the past six weeks.
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So on this basis, and thanks to very strong earnings growth, the Australian share market is still cheap.
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Recent economic data has been on the soft side. There is nothing in the recent run of generally soft numbers that would support another rise in rates by the Reserve Bank.
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Based on the current level of bond yields and earnings fair value around 5 600 points, the dividend yield remains attractive compared to alternative investments.
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It shows you can't rely on another big jump in coal and iron ore prices to bail out the trade deficit.
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