AU March quarter GDP shows the softening pulse of growth

A long thread of all the data and charts you could want

The #RBA raised rates to 4.1%, (in a move not expected by market economist median) "to provide greater confidence that inflation will return to target within a reasonable timeframe.". The final paragraph is unchanged noting further tightening "may be required". The RBA sees upside risks to the inflation outlook and decided to act. While economic activity is clearly slowing there hasn't been convincing evidence as yet, in the Australian context, that inflation is on a sustainable downward trajectory

Net exports subtract much less than expected from Q1 real GDP growth as services offset goods impact.

Seems at least GDP growth will most likely be a positive number The trade surplus offset by the net income deficit to a large degree. Fair to say foreign entities investing in Australia has have a good year or so.

Australian retail sales for Feb comes in right on market expectations at 0.2%mom, coming after a rebound in January. Signs of retail slowdown are evident but not a red flag for the #RBA to pause next week In level terms retail sales remain well above where the pre-pandemic trend suggests they should be

Trade balance for December not moving the needle with the headline surplus intact Both the goods and the services balances edging lower

Retail volumes for Q4 were slightly better than expected but still negative and weighing slightly on quarterly GDP growth If not for food (prepared and unprepared) being solid the number would have been a lot worse with a 2.1%qoq decline in retail sales of durable goods.