The Aussie consumer is not “back”

Thursday 4 September 2025

Yesterday’s GDP figure has markets very upset. There is nothing like a strong economy to kill overvalued securities prices these days.

They needn’t fear. The Aussie consumer is not “back”. Yesterday’s GDP was boosted by one-offs, and the gas cartel will take care of the rest of the year.

Household consumption grew 0.9% in the quarter and 2.0%y over the year.

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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.