Australian GDP booms!

The National Accounts are out and boom!

MARCH KEY FIGURES

		Dec Qtr 2015 to Mar Qtr 2016	Mar Qtr 2015 to Mar Qtr 2016
		% change	% change

GDP (Chain volume measure)
	Trend	0.9	3.2
	Seasonally adjusted	1.1	3.1
Final consumption expenditure (Chain volume measure)
	Trend	0.7	3.1
	Seasonally adjusted	0.7	3.2
Gross fixed capital formation (Chain volume measure)
	Trend	-1.5	-5.9
	Seasonally adjusted	-1.7	-5.7
GDP chain price index
	Original	-0.4	-1.7
Terms of trade
	Seasonally adjusted	-1.9	-11.5
Real net national disposable income
	Trend	–	-1.1
	Seasonally adjusted	0.2	-1.3

– nil or rounded to zero (including null cells)

All net exports:

Dollar loved it. Bonds flogged. Fade it because it is meaningless for income and the labour market and therefore interest rates. All growth is emanating from capital intensive bulk commodity exports that are losing jobs and for whom prices are crashing. Remarkable.

More to come.

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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.