OZ GDP: Didn’t We Do Well (No Not Really)!

Digital Finance Analytics (DFA) Blog

Sep 06 2023 | 00:11:15

00:00 / 00:11:15

Show Notes

Superficially, Australia’s economy maintained its momentum in the three months through June, with the expansion underpinned by exports and sectors less impacted by the Reserve Bank’s 12 interest-rate increases. That said, key themes from the accounts are: ongoing weakness in consumer spending; slowing growth in employee compensation; rapid deterioration in productivity; offset by boosts from business investment and services exports, but which is a fudge. The ABS reported that Gross domestic product advanced 0.4%, the same pace as the prior quarter and in line with economists’ estimates. From a year earlier, the economy grew 2.1% from an upwardly revised 2.4%. […]

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