Australian Q2 Business Inventory data were much weaker than expected

The data from earlier is here:

• Australian data: Q3 Business Inventories +0.3% q/q (expected +1.6%)

Westpac snippet analysis:

• The Business Indicators (BI) survey provided mixed signals – which is not uncommon.
  
  Inventories were much weaker than expected – providing a material downside surprise to our Expenditure view of GDP (which is our main focus).
  
  Income data was positive – supportive of our above market call on GDP. The caution – there are a number of unknowns on the Income side (including the volatile but significant Taxes less Subsidies line).
  
  Tomorrow, additional detail on the Expenditure side of the Accounts, net exports and public demand, will provide further colour around the risks to our forecast.

---

Also due tomorrow is the Reserve Bank of Australia spet decision and statement, Tuesday, 6 September 2022 at 0430 GMT:

• AUD traders - RBA monetary policy meeting coming up Tuesday 6 September 2022 - preview

• RBA rate hike coming up next week - preview of another 50bp hike

• RBA monetary policy meeting Tuesday September 6 - preview (TL;DR +50bp hike coming up)
• Poll of analysts - RBA to hike its cash rate by 50bp on Tuesday 6 September

Reserve Bank of Australia Governor Lowe