With the earlier Australian exports and government spending data:
Westpac now:
- Our Q4 GDP forecast remains 0.2%qtr, 2.4%yr - with risks evenly balanced.
- The upside in government spending offsets downside surprises on inventories and net exports.
And:
- The partial indicators suggest that the economy lost considerable momentum over the second half of 2018, centred on housing and the consumer.
Key uncertainties:
- the consumer and the drought - with a lack of partials around consumer spending on services and on farm inventories.
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The GDP data is due Wednesday 6 March at 0030GMT.
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Still to come today, the RBA: