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The March quarter national accounts from the Australian Bureau of Statistics (ABS) reported that the economy is sliding back into a per capita recession, with real per capita GDP falling by 0.1% in the March quarter – the 10th decline in 15 quarters since Labor took office in mid-2022.
The Westpac-Melbourne Institute leading index has been released, which indicates the likely pace of economic activity relative to trend three to nine months into the future.
The six-month annualised growth rate fell further to –0.36% in June, “broadly consistent with quarterly GDP growth stalling flat”.
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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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