Australian earnings season has finished and the outcome was less positive that expected, according to AMP Capital Head of Investment Strategy and Chief Economist, Shane Oliver

“It was a bit disappointing,” says Oliver. “Yes profits were up for the first time in a few years and that’s a good sign. The downside though was that it was narrowly focussed on the resources sector.

“There were more downside surprise than normal. Companies exposed to the consumer, companies exposed to insurance all coming in weaker than expected.”