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:
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I’ll be back later with a detailed report.
