There is no private sector growth left, which was nicely pointed out by Greg Jericho:
Over the past year government consumption and investment contributed 1.4% points towards total GDP growth of 1.7%. That effectively means government spending accounted of 79% of GDP growth in the past year – a level only marginally below what happened during the massive stimulus years of the GFC:
It points to an incredibly weak private sector – despite the fact that company profit grew 9.8% in the past year – the strongest growth for nearly two years.
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