ONLY CHARTS #277

Aus GDP partials, Aus government finances, Aus housing prices, Aus job ads, Aus inflation, NZ Q4 goods trade, China PMIs

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1. Q4 non-financial company profits in Australia rose +2.8% q/q but declined 5.5% y/y (after accounting for inventory valuation effects to be consistent with the national accounts equivalent). This followed two consecutive quarterly declines.

In unadjusted terms, company profits rose +5.9% q/q in Q4 and +5.6% q/q excluding financials.

Mining profits rose +6% q/q in Q4 which was a little surprising given there was only a small increase in the value of resource exports in the quarter (based on trade data).

2. Australia’s non-farm private-sector wages bill rose a solid +1.4% q/q and +4.7% y/y in Q4 following upwardly revised growth of +1.5% q/q in Q3.