Tony Kelly

Tony Kelly


“Tony's expereince includes working at the The Victorian Department of Treasury and the Commonwealth Treasury”

Tony joined NAB early in 2011 from the Victorian Treasury where he worked for 12 years on a range of issues, including state budget strategy and forecasting state taxation revenues.

Before this, Tony was in the Commonwealth Treasury for a decade, where he undertook work on macroeconomic forecasting, microeconomic reform and debt management.

Tony grew up in Canberra and graduated (with first class honours) from the Australian National University. He also holds a Masters degree in Applied Finance from Macquarie University.


US GDP grew solidly for the third consecutive quarter to end 2017.

2017 has proved to be another year of solid US economic growth and more of the same is expected in 2018, helped along by fiscal stimulus.

Explaining subdued US and Australian wages growth.

Another strong quarter of growth.

The effects of the recent major Hurricanes affecting the US are clearly evident in some of the economic data.

Increasing household wealth (due to rising equity and house prices), as well as a high level of consumer confidence, remain tailwinds for consumer spending.

After a sluggish start to the year, GDP growth rebounded in the June quarter and the labour market continues to tighten.

Following a slow start to the year, GDP growth looks to have accelerated in the June quarter.

Inflation has slowed recently even allowing for ‘one-offs’.

After a slow start to the year, early indications for June quarter GDP are pointing to an acceleration in growth.

A slow start to the year…again.

The details for quarterly growth, while mixed, where not as bad as the headline result.

Investment indicators looking better

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