Australia: Expect a very soft Q1 GDP report - Nomura

Analysts at Nomura expect a very soft Q1 GDP report from Australia, surprising the consensus on the downside.

Key Quotes

“This should reflect, in part, some payback from the very strong Q4 result which was boosted by a likely unsustainable surge in public spending and private consumption. Partial data also suggest a relatively modest contribution to growth from consumer spending in Q1, a decline in dwelling investment and a drag from net exports.”