The run down in inventory prompted by the persistent Delta lockdowns covering just under half of Australia's population in the third quarter will subtract from the Q3 GDP result.

GDP data is due on Wednesday, December 1 at 0030 GMT.

Business inventory declined 1.9% on the quarter, worse than expected. To a large extent, markets are looking through much of the third quarter data to the bounce back in Q4. Still, this big miss will send a hiccup into the AUD .

In other data released at the same time, highlighting the impact of massive government subsidies (Australia is not alone in this):

Company Operating Profit +4.0% q/q

  • expected 2.3% & prior 7.1%

Wages/salaries down 0.8% q/q