The net exports data is here from earlier:
This was a worse result than in Q1 and below central estimates I had seen (-0.8%).
Via Westpac (in brief), analysts at the bank expecting a line-ball result:
- Exports contracted ... resource shipments hampered by disruptions (maintenance and weather).
- Imports up ... mirroring the recovery in domestic demand
- Public demand remains a growth engine
- Our Q2 GDP forecast has been downgraded, lowered from 0.5%qtr to 0.1%qtr, 8.8%yr.
- Risks remain and appear to be tilted to the downside.
- the combination of a sharp drag from both net exports and from inventories
Bolding is mine.