Australia widening current account deficit, inventory draw to weigh on Q1 GDP

Building Permits m/m (Apr) -3.4%

• prior -10.5%

Building Permits y/y (Apr) +10.2%

• prior +9.0%

Private House Approvals m/m (Apr) -1.0%

• prior +0.9%

Business Inventories q/q (Q1) +0.5%

• prior -0.1%

Company Gross Profits q/q (Q1) -1.3%

• prior +5.8%

Net Exports Contribution to GDP (Q1) -0.8%

• prior -0.1%

Current Account (Q1) -A$27.1B

• prior -A$21.1B

Earlier:

• RBA's hawkish Harper hints herald hike
• Australia minimum wage rises 4.75%