The ABS has released the national accounts for the June quarter, with Australia’s real GDP rising 0.7% over the quarter and 9.9% year-on-year (due to the ‘base effect’).
The result beat analysts expectations of 0.4% to 0.5% quarterly growth.
Beats expectations.
According to Head of National Accounts at the ABS, Michael Smedes:
“Domestic demand drove growth of 0.7 per cent this quarter which saw continued growth across household spending, private investment and public sector expenditure. Lockdowns had minimal impact on domestic demand, with fewer lockdown days and the prolonged stay at home orders in NSW only commencing later in the quarter”.
This result is obviously backward looking and doesn’t capture recent hard lockdowns.
I’ll be back later with the detailed report.
