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Wednesday’s Q4 national accounts showed that Australia’s economy finally emerged from its prolonged per capita recession, recording the first increase (+0.1%) in GDP per capita in 21 months.
In its media release following the result, the Australian Industry Group (AIG) cautioned that the “improvement in GDP masks continuing private sector weakness”.
“Today’s national accounts data shows private sector weakness has continued in spite of the uplift in headline GDP”, Innes Willox, Chief Executive of AIG said.
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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.