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The Australian Bureau of Statistics (ABS) today released the national accounts for the June quarter, which registered soft 0.5% growth in real GDP over the quarter and just 1.4% growth over the year.
On a per capita basis, real GDP was flat over the quarter, but down by 0.2% over the year.
Most importantly for Australian workers, average compensation per employee rose by 2.1% in the year to June – continuing the run of weak prints.
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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.