Australian private sector demand remains in a funk

Monday, 4 March 2024

CBA’s write-up of Monday’s Q4 business indicators survey from the Australian Bureau of Statistics (ABS) included the below chart on private final demand:

“The Business Inventories data today suggests demand in the private sector remained quite subdued”, CBA economist Stephen Wu wrote.

“As the facing chart shows, overall income from sales rose by just 0.2%/qtr. That supports the weakness seen from timely survey data and from the quarterly fall in hours worked”.

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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.