Via the ABS:
- The Australian economy rose 3.3% in seasonally adjusted chain volume measures
- Through the year GDP fell 3.8%
- The terms of trade rose 0.7%
- Household saving ratio decreased to 18.9% from 22.1%
Twas’ mostly a reopening private sector:
Except when we realise it was all publicly funded. Thank JobKeeper:
Government consumption still boomed:
As households spent like drunken sailors:
And saved like nuns!
Investment was stuffed:
But catch-up growth is fun:
Wildly distorted numbers courtesy of wild public spending. It will take another few quarters to wash this out before we get a clear picture of the underlying economy.