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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
AUSTRALIA DATA
Gross operating profits rose a lower-than-expected 0.5% in Q1 to be up 7.1% y/y after an upwardly revised 12.7% q/q and 16% y/y in Q4. Mining profits fell 2.2% q/q. But inventories rose solidly and while companies’ wages bills grew at a slower pace, they remain high. Watch unit labour costs in Wednesday’s Q1 national accounts.
- Wages & salaries grew 1.8% q/q to be up 11.4% y/y. While still strong reflecting continued employment, hours and wages growth, the series slowed from Q4’s +2.7% q/q and 11.5% y/y.
- Inventories rose 1.2% q/q, which was more than expected, and Q4 was revised up to +0.3%. Thus they look set to make a positive quarterly contribution to Wednesday’s Q1 GDP. After revisions this was the sixth consecutive quarter of stock build. They stand 4.1% above year ago levels, which is down from the Q3 2022 peak of 7.6% y/y, but may be signalling some involuntary inventory build in the face of slowing demand following the resolution of pandemic-related restocking. Retail inventories rose 0.9% q/q.
Australia total wages & salaries %
Source: MNI - Market News/ABS
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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