This week was all about Q2 GDP for Australia. The headline result disappointed at 0.2%, 2.0%yr. Domestic demand was weak in annual terms at 1.2%yr; and private demand even weaker still at 0.9%yr. Some positives remain apparent in services export growth and residential construction; but the twin effects of the end of the mining investment boom and the substantial decline in Australia's terms of trade are having a material impact on the Australian economy. Next week consumer sentiment and the labour market will be front and centre; before then, the all important August nonfarm payrolls result is due out tonight.
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