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

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%. […]