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: