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As summarised earlier, the Australian Bureau of Statistics (ABS) today released the national accounts for the September quarter, which registered a 0.3% increase in real GDP over the quarter and a 2.7% rise over the year. The result badly disappointment market expectations of 0.7% growth over the quarter and 3.1% growth over the year.
On a per capita basis, real GDP fell by 0.1% and was up by only 0.9% over the year. More importantly, real national disposable income per capita fell by 0.8% over the quarter and was down 1.0% over the year.
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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.