Australia Inventories for Q3 -0.5% q/q (vs. expected -0.7% q/q, prior -3.0%)

  • Company Operating Profit also, for Q3, 3.2% q/q (vs. expected +4.0% q/q, prior +15.0%)

Profits have been boosted by the large government hand outs over the crisis, this source of funds will decline at the margin in the Q4 figures.

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Inventories are in input to the GDP due later this week. The big drop will weigh but not to the extent they did in Q2.