Australia's first quarter is expected to show weak growth, which may strengthen expectations for Central Bank interest rate cuts.

Jin10 data reported on June 2, the Chief Economist of the Financial Service company AMP, Shane Oliver, stated that the GDP data for the first quarter, to be released by Australia on Wednesday, may show that the economy has slowed at the beginning of the year due to weak consumer demand and declining business investment. Oliver expects that the rise in trade, government spending, and residential investment will bring a quarter-on-quarter growth of 0.4%. This will raise the annual growth rate to 1.5%. Mediocre growth data should support the view that the Reserve Bank of Australia still has significant room for interest rate cuts.