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The Australian Bureau of Statistics (ABS) today released the national accounts for the September quarter, which registered a 1.9% fall in real GDP over the quarter and a 3.9% rise through the year.
On a per capita basis, real GDP fell by 2.0% over the quarter to be up 3.5% over the year.
The fall in quarterly GDP was driven by the hard lockdowns across New South Wales, Victoria and the ACT, which have now ended. These lockdowns drove a large 4.8% fall in household consumption expenditure, which contributed -2.5% to growth:
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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.