ONLY CHARTS #99

Aus GDP partials, Aus resource explorations, Aus resi asking rents, US inflation drivers

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1. Net exports subtracted 0.9ppts from Australia’s Q1 GDP growth, close to our -1.0ppt estimate.

Export volumes rose +0.7% q/q (we had +0.6% q/q) and import volumes rose strongly as expected (+5.1% q/q versus our +5.2% q/q estimate).

Australia’s current account fell back into deficit in Q1. Note that ABS revisions have resulted in the recent history of the current account balance being revised down noticeably (-$9b in Q4 2023 for instance).

A large chunk of the ABS revisions relate to significant upward revisions to Australians spending on outbound travel in recent years. This occurred following the reintroduction of the National Visitors Survey data to determine the 2022-23 annual benchmark (which enabled the ABS to more accurately measure outbound travel spending).

This will also be reflected in upward revisions to household consumption in tomorrow’s national accounts.

Underlying government demand rose +0.6% q/q in Q1 in Australia and contributed a little under 0.2ppts to GDP growth. This was offset, however, by public inventories subtracting 0.3ppts from quarterly GDP growth.