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Partial GDP indicators released today were a bit soft. Our expenditure-based Q2 GDP growth estimate is weaker than our income-based estimate. We’ll stick with our +0.4% q/q guesstimate for Q2 GDP growth, noting that the RBA had pencilled in close to +0.5% q/q in the August SMP.
1. Underlying public demand (ex asset transfers) in Australia rose just +0.2% q/q in Q2, contributing just +0.05ppts to quarterly GDP growth.
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