Data for economic growth in Australia during the July, August & September months of 2023.
A q/q miss and y/y beat.
- The terms of trade fell 2.6%
- Household saving to income ratio decreased to 1.1% from 2.8%; 1.1% is the lowest proportion of saving since December quarter 2007
- Growth this quarter was driven by government expenditure and capital investment (Government final consumption expenditure rose 1.1 per cent this quarter after a 0.6 per cent increase in the June quarter ... Investment by public corporations rose 8.9%, increased investment in transport, communication and utilities projects ... private engineering construction also rose due to increased mining industry investment.)
Disappointing q/q headline, the +0.2% is the slowest in 2 years, economic growth propped up by government spending, although mining investment helped. The much slower savings rate is being attributed to the impact of rising living costs.
