Coming up at 0030 GMT, Australia economic growth data for the third quarter of 2021:
Snippet via NAB:
- Whether Q3 GDP prints at -3.3% as we expect is a moot point with the Q3 GDP figures firmly in the rear vision mirror given it references a period when NSW, VIC and the ACT were in lockdown.
- Since then activity has rebounded sharply with the level of payroll jobs now 0.8% higher than they were at 26 June 2021, which immediately preceded the initial Sydney lockdown.
And, looking ahead, a reason to be a little wary of the expected Q4 bounce:
- The emergence of the Omicron variant though is a significant risk to the rebound and it is too early to assess how severe the variant is and whether current vaccines provide a high level of protection.
As an aside …. its the first official day of summer in Australia: