The inventory number is a direct input to the GDP figure (due September 6; I posted an early bank preview here last week)
Inventories -0.4% q/q for a huge miss and not a good sign for Q2 GDP (it'll be lower than it would have been had inventories met expectations, and the negative result means it'll detract from GDP)
- expected 0.3% q/q, prior 1.2%
- this is the first time there has been a fall 9in inventories since December quarter of 2015
Profits -4.5% q/q, also a miss
- expected -4% q/q, prior +6%
- For the y/y, up 21.2%
- profits have slipped due to weaker terms of trade (impacting prices) and also lower volumes
- Compare the profit results with wages, these are showing up 1.2% q/q and up 1.6% y/y. Don't spend it all at once y'all.
AUD response is muted, down a few tics only
