Huge fail for policy makers in Australia with dreadful economic growth data for the first quarter of 2019.

Data post is here:

Bit more here:

OK, check these out:

  • slowest rate in more than 5 years
  • economic growth per person dropped for the 3rd quarter in a row - the first time this has happened since 1982
  • growth rate has halved since June quarter just last year. 50% down in 6 months!
  • domestic demand grew by only 0.1%
  • consumer spending annual growth is at its slowest since the middle of 2013
  • private demand -0.2% q/q
  • public demand +1.1% q/q (huge government spending)

A couple of bright spots

  • terms of trade improving
  • exports up

AUD did, and is doing, very little. Taking a peek above 0.7