Aussie growth sags again

Tuesday 2 September 2025

Yesterday’s business indicators for tomorrow’s GDP were pretty awful.

*Key data items – Seasonally adjusted*
		Mar 25 to Jun 25 (%)	Jun 24 to Jun 25 (%)
Sales of goods and services (chain volume measures)
	Manufacturing	0.2	-1.5
	Wholesale trade	1.7	4.0
Inventories (chain volume measures)		0.1	0.8
Company gross operating profits		-2.4	-3.3
Wages and salaries		1.0	5.8

Inventories will withdraw 0.4% from GDP. Profits and wages are tumbling in a bad sign for nominal growth. The ASX is a raging bubble!

Also out yesterday were ANZ-Indeed job ads, which have flatlined.

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:

$24.99 / month

$249 / year

Cancel at any time through our billing provider, Stripe

About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.