CBA's Oz PMI's rising

Commonwealth Bank's preliminary ("flash") composite PMI for Australia, fell a little in July, but the trend remains up.  We've had these little rebounds a couple of times over the last three years, though, so we'll see what happens.  House prices may have stopped declining (and the auction clearance rates for Melbourne and Sydney, which are very good indicator of house prices, are picking up), the iron ore price continues to rise, though coal seems equally determined to fall, and you could argue that there's been a marginal rise in the rate of wage increases.  It might be for real this time (I haven't yet resurrected my Australian leading index because I need to update my data files, so I can't be certain).