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The latest Australian national accounts showed that real household consumption per capita is falling, which is dragging down per capita economic growth:
Australians are also pulling back on retail spending, with retail sales volumes falling by 1.4% year on year, the first time this has happened since 1990 (excluding the pandemic):
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New car sales are bucking the trend however, with the Federal Chamber of Automotive Industries (FCAI) reporting that 110,702 sales recorded in September, representing an 18.3% increase on the corresponding period in 2022 and a new September record:
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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.
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