GDP figures for the June Quarter are out. Let’s take a quick look…
* 0.7% increase to the economy across the quarter (slightly higher than expected);
* GDP rose 1.4% over the year
* Household savings ratio is down from 11.6% to 9.7%
* 0.7% increase to the economy across the quarter (slightly higher than expected);
* GDP rose 1.4% over the year
* Household savings ratio is down from 11.6% to 9.7%
After a significant fall in economic activity last year we saw a few quarters of growth, which have gradually decreased as government stimulus was withdrawn from the economy.
The June quarter also shows the impact on the Victorian economy of their lockdown in May/June...
The June quarter also shows the impact on the Victorian economy of their lockdown in May/June...
GDP per hour worked declined 1.2% in the quarter, with an overall decline of 0.7% for the past year.
The drop in household savings is being driven mostly by a drop in disposable income due to less hours worked; and a modest increase in spending.
The drop in household savings is being driven mostly by a drop in disposable income due to less hours worked; and a modest increase in spending.
Overall, these figures foreshadow the bad state of the economy once this current quarter is accounted for on Dec 1. The NSW lockdown will run for the full quarter and severely impact the economy. We are already in a functional recession; the Sept quarter figures will tell more...
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