Aussie GDP was terrible today with absolutely nothing growing beyond a few bureaucrats, via Westpac:
Key surprises were: (1) consumer spending disappointed, 0.3% vs a f/c 0.4%; (2) ownership transfer costs (relating to real estate turnover) fell very sharply, -13%; and (3) inventories were a negative, -0.1ppt vs a f/c flat ~ suggesting a larger drag from ‘other’ inventories.
Domestic demand grew by only 0.1% vs a f/c 0.3%. Private demand contracted in the quarter, -0.2% and contracted over the past 3 quarters, -0.3%.
