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Just in from the ABS:
GDP summary
- The Australian economy fell 7.0% in seasonally adjusted chain volume measures
- GDP fell 7.6% in seasonally adjusted current price measures
- The terms of trade rose 0.2%
- Household saving ratio increased to 19.8% from 6.0%.
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The contraction was driven by collapsing household consumption:
The result missed analysts expectations of a 6.0% decline.
I’ll be back shortly with my usual detailed report.
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.
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