September quarter GDP data from Australia

+0.9% q/q (s.a.)

  • expected +0.8% q/q
  • Q2 (prior) was +0.3%, revised higher from +0.2% q/q

+2.5% y/y

  • expected +2.4% y/y
  • prior was +1.9% y/y, revised from +2.0% y/y

The 'chain price index' is an inflation measure, its come in for Q3 at -0.2% q/q and -0.5% y/y ... i.e. low inflation ...

A good beat on expectations that were already high.

The AUD has traded steadily higher into this release, so beware some profit-taking selling.

Despite commodity price falls the growth in export volumes that have come from the huge investments in the mining sector in previous years is a huge contributor to the Australian economy.

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Earlier today:

  • Speech from RBA governor Glenn Stevens in Perth
  • RBA governor Glenn Stevens is not a dove nor hawk, he is a penguin