Australian GDP 0.3%

By Leith van Onselen

The Australian Bureau of Statistics has released the September quarter National Accounts and the news is weak on growth, which was up only 0.3% over the quarter and by 2.7% over the year, and downright crappy on national disposable income, which fell by 0.3% over the quarter to be up by only 0.8% over the year:

The result badly disappointed analysts’ expectations of 0.7% growth over the quarter and represented a sharp slowdown from the 0.5% growth recorded in the June quarter.

As expected, net exports was the main contributor to growth, with household final consumption expenditure also reasonable:

I’ll be back later with a detailed report.