Australian GDP may grow at 0.7%qtr in Q3

The business Indicators data of Australia released recently was better than expected. Profit in mining increased to 6%, though global slowdown lower the commodity prices. Company profits recorded a solid growth of 1.3%. A slight improvement of 1.0% is noticed in wages and salaries gains. 

"Our forecast for Q3 GDP is 0.7%qtr, 2.1%yr. The risks to our forecast are materially to the upside, in the wake of the Business Indicators survey", says Westpac in a research note.

However, the bank will revise it Q3 GDP forecasts after net exports and public demand data that is scheduled to release.