GDP rose by 0.2% q/q (1.0% y/y) marginally weaker than we expected (and in line with consensus).

The NAB Commercial Property Index dipped sharply to a below average level in the June quarter as the economy tracked through a weak period of growth and business conditions waned. Sentiment weakened in all property market sectors - particularly retail property. Confidence also fell and was lower in all states bar WA with VIC the clear underperformer in all sectors - especially in office and retail markets.