Coming up at 0130 GMT on June 1:
Earlier post - CBA preview is here:
Comments now via Westpac (WPAC forecast can be found here in another preview)
- We assess that output growth was an anaemic 0.2% in the quarter, with annual growth slowing to 2.5% from 4.2%. Activity was hit by further disruptions, notably the omicron wave and wet weather that included severe flooding in NSW and Qld.
- ... for the year as a whole. We anticipate that the Australian economy will experience a robust expansion in 2022 as it reopens from the delta lockdowns of 2021. Output growth for the year is a forecast 4.5%. Growth will be centred on, but not confined to, the consumer, with consumption increasing
- Pent-up consumer demand, an elevated household saving ratio and a strengthened household balance sheet, as well as the boost from earlier stimulus which has the unemployment rate down at the lowest level since 1974, are all supportive of increased spending this year.
---
The GDP data coming up on Wednesday is not likely to influence AUD too much - its captive to global risk sentiment for now.
