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Third quarter Australian GDP data due today

Coming at 00:30 GMT, Australia’s economic growth data for the third quarter of 2021:

Extracted via NAB:

  • Whether third quarter GDP is showing at -3.3% as expected is a moot point with the third quarter GDP figures firmly in the rear view mirror as it refers to a period when NSW, VIC and the ACT were on lockdown.
  • Since then, activity has rebounded strongly, with the level of salaried jobs now 0.8% higher than it was on June 26, 2021, which immediately preceded the initial Sydney lockdown.

And, for the future, a reason to be a little wary of the expected rebound in the fourth quarter:

  • The emergence of the Omicron variant is however a significant risk for the rebound and it is too early to assess the severity of the variant and whether the current vaccines provide a high level of protection.

By the way … it’s the official first day of summer in Australia:

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