Economic growth data from Australia for the January – March quarter of 2025.

+0.2% q/q for a bad miss, although as noted some estimates were revised much lower ahead of the data release

• expected +0.4%, prior +0.6%

+1.3% y/y, also a miss but the same rate as Q4 2024

• expected +1.5%, prior +1.3%

GDP Chain Price Index, an indicator to inflation: +0.5%

Final Consumption +0.2%

Per capita GDP growth -0.2%, from +0.1% prior.

Household saving rate 5.2%, quite the jump.

Government spending made the largest drag on growth since 2017

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Yields dribbling lower on the data. Nothing here to prevent another Reserve Bank of Australia rate cut of they are leaning that way.

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AUD not doing a real lot: …. it looks wild but check the y-axis scal, small move only:

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