Yesterday's data was the final nail in the coffin for expectations of economic growth in Australia in the first quarter of this year:soft Australian dataBoA expecting 0.1% q/q & 1.1% y/yWestpac have taken note of the data, from a note, in brief:The final set of partial economic indicators ... As we flagged in our preview, risks to our forecast were tilted to the downside ... (the) data shows some of this risk has materialised with the drag from the external sector being larger than expected. As such, we have revised our GDP forecast down to a flat outcome in the March quarter 2024 from +0.3%qtr previously. This would see annual growth ease from 1.5%yr to 1.0%yr – the slowest pace since the
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