Australia Net exports -0.6% of GDP (vs. expected -1.2%, prior -0.1%)

Australia Inventories for Q1, +2.1%

• expected 0.2% q/q, prior 0.0%
• this is a positive input to the Q1 GDP data due tomorrow

and Company Operating Profit also, for Q1, -0.3% q/q

• expected 3.4% q/q, prior -6.6%

BoP current account balance for Q1 , AUD 18.3bn , mining exports strong giving an above expected surplus

• expected AUD 17.7bn, prior AUD 14.5bn

and Net exports as a % of GDP, -0.6%

• expected -1.2%, prior -0.1%

• an input into GDP data due tomorrow, not as negative as expected

Also to be input into Wednesday's GDP (for Q1) is government investment, which will add 0.2% point. Government consumption will be -0.1%.