Australian data: Net exports impact on Q1 GDP will be -0.2% | Forexlive

Net exports are expected to detract 0.2% from Q1 GDP , not as much was expected:

  • expected -0.6%, prior +1.1%

Current account surplus is AUD $12.3bn

  • expected surplus $15bn, prior +$14.1bn

The ‘public demand’ (investment) component of GDP is expected to contribute +0.2%.

Q1 GDP data is due Wednesday, 7 June 2023 at 11.30am Sydney time, which is 0130 GMT and 9.30pm US Eastern time.

Given the components we have seen so far it appears Q1 GDP will be positive. It all depends on the consumer contribution, we don’t get an advance reading on this.

Still ahead for today is the Reserve Bank of Australia statement due at 2.30pm Sydney time

  • 0430 GMT, 0030 US Eastern time

Consensus expectations is for an hold decision but its not a foregone conclusion, this is very much a ‘live’ meeting.


Forecast for a +25bp RBA cash rate increase due to “ongoing inflation and wages concerns”

And Greg has the AUD techs here:

The RBA rate hike cycle so far:

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