The ABS is out with Q2 national accounts and it is weak but saved from total embarrassment:
June key figures
Seasonally adjusted, percentage change (a)
Mar 18 to
Jun 18 Jun 18 to
Sep 18 Sep 18 to
Dec 18 Dec 18 to
Mar 19 Mar 19 to
Jun 19 Jun 18 to
Jun 19
Chain volume GDP and related measures (b) GDP 0.7 0.3 0.1 0.5 0.5 1.4GDP per capita (c) 0.3 -0.1 -0.2 0.1 – -0.2Gross value added market sector (d) 0.9 -0.2 -0.2 0.7 0.3 0.6Real net national disposable income 0.1 0.3 1.2 1.3 1.4 4.4Productivity GDP per hour worked -0.5 – -0.3 -0.3 0.4 -0.2Real unit labour costs -0.4 0.1 0.1 -0.8 0.3 -0.4Prices Terms of trade -1.3 1.1 3.0 3.1 1.4 8.9Current price measures GDP 1.0 1.2 1.2 1.6 1.2 5.4Household saving ratio 3.2 2.5 2.7 3.0 2.3 na
Per capita recession still in full swing. Much more to come.