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This week, the Australian Bureau of Statistics (ABS) released the national accounts for the June quarter, revealing that the economy grew by 0.4% over the quarter and 2.1% over the year.
The result was slightly stronger than both the Reserve Bank’s and economists’ expectations, which has unfortunately increased the chance of a rate hike at the end of this month.
Treasurer Jim Chalmers was quick to boast on X (Twitter) that Australia’s growth is “stronger than every major advanced economy”, which, like most political statements, is a half-truth and misleading.
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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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