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1. The RBNZ’s latest nowcast for Q2 GDP growth is slightly positive and implies are sharp slowing since Q1. Given residual seasonality in the GDP data, a negative print for Q2 GDP growth is a risk.
2. The number of new house sales at Australia’s largest builders fell 16.7% m/m in May.
It seems a bit early to prescribe this decline to property-tax-related uncertainty, particularly given how volatile sales had already been in recent months. The 3-month average of sales actually rose a little in May.
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