Australian first quarter economic growth data is due on Wednesday 3 June 2020 at 0130GMT

After today's data dump from Australia which contained partial indictors for the result WPAC have bumped up their forecast:

  • now expect -0.4% qtr (from -0.7%), 1.3%yr

A snippet of the detail in the note:

  • a flat wages bill suggests to us that the ABS has incorporated the sharp deterioration in the labour market over the second half of the month of March.
  • A flat wage bill and falling profits describes a very weak income picture, particularly given that the terms of trade rose by 2.9% in the quarter, which points to a sizeable rise in the GDP deflator.