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.
MNI (MELBOURNE) - The Australian economy grew 1.0% y/y over Q2, 10 basis points higher than market and Reserve Bank of Australia expectations, while household spending increased 2.9% y/y, 40bp less than anticipated, the Australian Bureau of Statistics noted within its National Accounts Wednesday.
GDP grew at 0.2% q/q, 10bp higher than the first quarter and in line with expectations.
“Spending on many discretionary categories fell in the June quarter,” said Katherine Keenan, head of national accounts at the ABS. “This followed a relatively strong result in the March quarter, which included a number of sporting, gambling and music events."
Transport services, particularly reduced air travel, weighed on growth, Keenan added. Government spending also rose 1.4%, while total investment fell 0.1%, the ABS noted.
Recent RBA policy decisions were incredibly close calls, with data often telling competing narratives, MNI reported last week. (See MNI POLICY: Competing Data Behind Recent Close RBA Calls)
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.