Australian Economy

Aussie GDP dives 7% in Q2

Leith van Onselen
Wednesday, 2 September 2020
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Just in from the ABS:

GDP summary

  • The Australian economy fell 7.0% in seasonally adjusted chain volume measures
  • GDP fell 7.6% in seasonally adjusted current price measures
  • The terms of trade rose 0.2%
  • Household saving ratio increased to 19.8% from 6.0%.

The contraction was driven by collapsing household consumption:

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The result missed analysts expectations of a 6.0% decline.

I’ll be back shortly with my usual detailed report.

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.