RBA rate hikes hammer Aussie GDP

Wednesday 1 March 2023

Australia’s Q4 National Accounts have been released with GDP growth over the quarter coming in at 0.5% – well below analysts’ expectations of 0.8% growth:

The below ABS table summarises the key movements:

Note the flat GDP per capita (amid mass immigration), the decline in productivity (GDP per hour worked), and the sharp fall in the household savings rate:

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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.