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This is a snapshot of key takeaways from today’s Q1 national accounts for Australia. A full briefing will follow.
Quarterly GDP growth was soft. Underlying household consumption growth was also soft. Unit labour cost growth has moderated and remained a touch over 3% y/y which will be taken as a win by the RBA.
1. Australia’s GDP rose +0.3% q/q and +2.5% y/y in Q1, slightly softer than our nowcast of +0.4% q/q. Revisions were minimal.
The RBA had pencilled in +0.4% q/q and +2.6% y/y for Q1 in the May SMP.
2. Quarterly growth in most GDP expenditure components was similar to our expectations. Household consumption growth was a little softer than anticipated.
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