Australian Q1 data: Business Inventories +1.2% q/q (expected +0.5% q/q, prior -0.2%)

Business Inventories +1.2% q/q

• expected +0.5% q/q, prior -0.2%
• inventories will be a 'partial' input into the Q1 GDP data, this +1.2% will be a boost to the result

Corporate profits +0.5% q/q

• expected +2%, prior +10.6% q/q

Other data out were the ANZ-Indeed Australian Job Ads, which bounced back from its recent downward trend

• + 0.1% m/m in May (prior -0.3%)
• -6.1% y/y
• and +51.9% higher than pre-pandemic levels (February 2020)