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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
Q2 business indicator data showed that inventories are unlikely to swing Wednesday’s GDP significantly. Volumes rose 0.1% q/q after 1.5% in Q1 to be up 1.5% y/y. Company profits were very weak down 5.3% q/q to be 3.9% y/y lower driven by the mining sector. Data on net exports and government spending, which will also feed into GDP expectations, are released on Tuesday.
- Inventories made a 0.7pp contribution to Q1 GDP but also boosted imports. There was a slight upward revision in today’s inventory volume data.
- Wages and salaries rose 0.7% q/q to be up 5.3% y/y down from 6.5% y/y and the slowest quarterly rate since Q3 2021.
- Mining sector profits fell 10.9% q/q, the second consecutive quarterly fall. In line with this weakness, wages & salaries fell 0.1% q/q. Sales volumes rose 1.1% q/q, however inventories were 1% q/q higher.
- Profits in the construction sector were weak down 3.7% q/q while wages rose 1.8% q/q but sales volumes have begun to recover rising 1.4% q/q.
Australia company operating profits %
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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