The ABS has just released the June quarter national accounts and it’s missed expectations with a 0.2% quarterly rise versus expectations of 0.4% growth. Annual growth slowed to 2.0% versus 2.2% expected:
Per capita GDP shrunk by 0.2% over the June quarter, whereas aggregate nominal GDP rose by just 0.3% over the quarter and by 1.8% for the 2014-15 financial year.
As expected, national disposable income got hammered, down 0.9% over the quarter and by 1.1% over the year on the back of the falling terms-of-trade (down 3.4% over the quarter).
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I’ll be back soon with my usual detailed report.
