We've got the RBA announcement due at 0430GMT (just a reminder in case you've been on holiday and have just dumped the suitcases and logged in to ForexLive :-D )
OK, back to the matter at hand ...
ANZ economists have revised their Q1 GDP forecast:
- Now at +0.9% q/q (from +0.6%)
- & +2.3% y/y (from +2.0%)
Meanwhile, Westpac:
- Revised up to 0.7% q/q 9from +0.6%
- And 2.1% y/y (from 2.0%)
Revisions being driven by the data earlier today.
Westpac say (bolding mine):
- Net exports will make a sizeable positive contribution to Q1 GDP growth of 0.5ppts
- ... That exceeds expectations
- ... Export volumes surprised, up 5.0% vs Westpac f/c 2.8%
Implications for Q1 GDP ...
- We have rounded up our forecast for Q1 GDP growth
- The key surprise was upside on net exports
- Output growth in Q1 will be driven by net exports, +0.5ppts, and inventory rebuilding, +0.4ppts
- Domestic demand overall most likely remained weak in the quarter, growing by a forecast 0.1%qtr, 1.0%yr
- A drop in business investment, led lower by the mining sector, and broadly flat public demand are the key headwinds
- A strong upswing in home building is the key positive
- We look to the national accounts for a clearer picture on the consumer ... We anticipate a lukewarm rise in consumer spending, in the order of 0.6% to 0.7%, following a 0.9% rise in Q4
