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Westpac write "our Q4 GDP forecast........>

AUSTRALIA
AUSTRALIA: Westpac write "our Q4 GDP forecast remains at 0.2%qtr, 2.4%yr. The
income data broadly met our expectations, although inventories provided a small
downside surprise (flat vs a f/c +0.1ppt). Profits are up on higher commodity
prices, with mining profits +4%. Non-mining profits were broadly flat in the
quarter, indicative of an economy that was relatively sluggish in the period.
Wage incomes up 0.8% in the period were relatively consistent with hours worked,
which rose by 0.4% in the quarter. This is a less upbeat picture than described
by numbers employed, which grew by 0.7% in Q4."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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