Australia’s quarterly inventories drag on GDP, the company’s profits rise according to Reuters
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SYDNEY (Reuters) – Australian companies cut inventories more than expected in the third quarter, likely for economic growth, and corporate profits rose, in part, thanks to government subsidies among coronavirus blockages.
Data from the Australian Bureau of Statistics on Monday showed inventories fell 1.9% in the third quarter, when analysts forecast a flat result. This may have taken up about 0.6 percentage points of gross domestic product, which was already falling sharply as a result of blockages.
The company’s gross operating profit rose 4.0% in the quarter, and the wage bill fell 0.8% as a result of orders to stay at home in Sydney and Melbourne.
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