Data dump
Today's data dump from the ABS suggests that GDP growth will be very weak in the March 2024 quarter when it's reported tomorrow...and possibly even zero!
Obviously in per capita terms this is going to be a very soft result.
Australia's current account surplus dipped back into deficit in the March quarter.
Mining profits are now back on the way down (and of course it's essentially the mining sector which drives the trends in Australia's income and operating profits).
Net exports will cut around -0.9 percentage points from economic growth this quarter.
The wages and salaries boom is also now over, with wages bills up by a very modest +0.6 per cent over the quarter.
Inventories building up should add a full percentage point to GDP growth this quarter, but other than demand it all looks soft.
Big Picture podcast
I joined Michael Yardney to discuss the Budget, and what's ahead for housing in the Big Picture podcast.
Tune in here (or click on the image below):
