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1. Australia’s GDP rose +0.2% q/q and +1.3% y/y in Q1, a touch lower than we expected and below the RBA’s May SMP estimate of +0.4% q/q and +1.5% y/y.
Q4 2024 growth was unrevised in quarterly and year-ended terms.
The RBA estimates that adverse weather in Queensland and Northern NSW subtracted 0.1-0.2ppts from Q1 GDP growth.
Non-farm GDP growth (+0.1% q/q & +0.9% y/y) was again weaker than total GDP growth. This has been a persistent theme in recent years.
2. Domestic final demand rose +0.2% q/q and +1.9% y/y, in line with our expectations.
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