The prior for this revised to -0.01% from -0.02%
More:
- The six month annualised growth rate (indicates the likely pace of economic activity relative to trend three to nine months into the future) fell from 0.51% in May to -0.76% in June. That is quite a sharp decline
WPAC comments:
- The index is pointing to a slowdown in momentum in Australia's growth profile
- This is the first below trend reading since July 2016
- The deterioration mainly reflects international factors including a sharp turnaround in Australia's commodity prices in Australian dollar terms
- While we have seen a solid recovery in iron ore prices since mid-June in USD terms, the sharp increase in the Australian dollar from USD 0.755 to USD 0.79 will partly offset that adjustment
