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The ABS has released September quarter national accounts and they are hilariously bad:
SEPTEMBER KEY FIGURE
 | |
Jun Qtr 2016 to Sep Qtr 2016 |
Sep Qtr 2015 to Sep Qtr 2016 |
| |
% change |
% change |
|
| |||
| GDP (Chain volume measure) | | | |
| Trend |
0.2 |
2.2 |
| Seasonally adjusted |
-0.5 |
1.8 |
| Final consumption expenditure (Chain volume measure) | | | |
| Trend |
0.6 |
3.0 |
| Seasonally adjusted |
0.3 |
2.8 |
| Gross fixed capital formation (Chain volume measure) | | | |
| Trend |
-0.8 |
-2.4 |
| Seasonally adjusted |
-2.7 |
-2.5 |
| GDP chain price index | | | |
| Original |
1.2 |
1.4 |
| Terms of trade | | | |
| Seasonally adjusted |
4.5 |
1.5 |
| Real net national disposable income | | | |
| Trend |
0.9 |
3.3 |
Yes, that is -0.5% and 1.8% versus expected of -0.1% Q/Q and 2.2% Y/Y. Just as well it’s not spread over two quarters or you might call that a recession!
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Much more to come.
About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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