Australia - Westpac has cut its Q3 GDP forecast to negative

Strategist at Westpac Sean Callow:

• Australia looks set for 1st quarterly GDP contraction since Q1 2011 Queensland floods
• Westpac cuts forecast to -0.2% q/q, 2.1% y/y (sliding from 3.3% in Q2)

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WPAC joining NAB and Morgan Stanley in forecaststing negative q/q GDP growth for Q3:

• From way back on November 24: Morgan Stanley expect negative Q3 GDP print for Australia