Australian GDP fades as housing bust takes toll

The ABS is out with Q3 GDP and the news is weakness:

Consumption weak at 0.3% the key. Housing bust! Previous boom revised down too.

Bonds boom, AUD smashed.

Much more to come.

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  1. Well, this hardly a surprise to most rational people as the Australian GDP is linked to the housing Ponzi scam and exporting toxic coal. The days of liar loans, easy credit and insanely low interest rates have just begun to bite. The whole Aussie “boom” was a mirage and built on a house of cards by the greedy speculators who inflated home prices to astronomical levels.Both US and Australian casino economies are headed for a recession within 18 months and a mega fiscal meltdown. Caveat Emptor!

    • The breaks are on harder than anyone thinks, once the current credit crunch takes hold early next year and Australia finally has it’s liquidity event it should feed back on itself and collapse. Then we may see -ve immigration.