- Prior was -2.0%
Graph of prior data (does not show today’s data):
Today’s result at -0.3% q/q is still not a strong sign of ‘transition’ from mining investment to other sectors (such as construction) that the RBA is waiting to see. This data is also an input into GDP calculations. it is a very poor result. As Adam said earlier, there is very little chance of a rate cut at the September RBA meeting (on Sept. 3, next week), but more results like this from other economic indicators and going to get chatter of further rate cuts instigated.
