GDP data show Australia in income recession; falling dollar a 'silver lining'
10 years, 3 months ago

GDP data show Australia in income recession; falling dollar a 'silver lining'

ABC  

The Australian dollar has dropped below 84 US cents for the first time since July 2010 on economic growth less than half what was expected. The Australian Bureau of Statistics gross domestic product data show the economy expanded just 0.3 per cent in the September quarter and only 2.7 per cent over the year to September 30. In further bad news, real gross domestic income actually went backwards by 0.4 per cent in the quarter due in large part to a 3.5 per cent seasonally adjusted fall in the terms of trade during the three months to September. The ABS measure of real net national disposable income per capita fell 0.8 per cent in the quarter and 1 per cent over the year. "One measure of the domestic economy's growth is what's called domestic final demand, that actually contracted by 0.3 per cent in the September quarter and just growth of 0.9 per cent over the course of the past year, so quite a soft domestic economy," he told ABC News.

Australia Income Domestic Quarter Points Percentage Dollar Cent Growth Income Recession  domestic  cent  growth  quarter  points  lining  dollar  gdp  australia  percentage  income  data  trade  recession  silver  falling  mining

History of this topic

Has Australia's economy turned the corner? Angus Taylor has a warning
2 weeks, 4 days ago

Has Australia's economy turned the corner? Angus Taylor has a warning

ABC  

Economists say Australia has turned a corner. Last week, he said labour productivity was still "disastrous" in Australia and the purchasing power of our wages had deteriorated "disastrously" since Labor won the election in 2022. By the time the 2022 election was held, the "real" value of our wages had already deteriorated so much that our wages were buying less …

Small businesses brace for higher costs but hope for interest rate cuts
2 months ago

Small businesses brace for higher costs but hope for interest rate cuts

ABC  

Inflation, global uncertainty and a tight jobs market are making conditions tough for Australian businesses and many are expecting it to get worse before it gets better. "We're talking about an unemployment rate that's still just ticked over 4 per cent, so still historically very low and very high labour force participation rate," Ms Risse noted. "About three quarters of …

Australia's unemployment rate falls to 3.9pc in November, its lowest level since March
3 months, 2 weeks ago

Australia's unemployment rate falls to 3.9pc in November, its lowest level since March

ABC  

Australia's unemployment rate fell to 3.9 per cent in November, down from 4.1 per cent in October. "The only downside to Australia's remarkably strong job market is that any hope of a near-term interest rate cut is over," said Callam Pickering, APAC economist at global job site Indeed. "Today's blockbuster November employment report seemingly pushes back — yet again — …

Australia would be in recession without rising public spending, but we might have lower interest rates
3 months, 3 weeks ago

Australia would be in recession without rising public spending, but we might have lower interest rates

ABC  

There is a cold, hard truth in the most recent economic growth numbers — governments are keeping Australia out of recession. When asked by WA Liberal senator Dean Smith last month about expressing "a note of caution to policymakers in regards to their spending appetites", Ms Bullock responded that she didn't believe she had been cautioning anyone, before adding: "What …

Major blow for Albo with Aussie economy growing at slowest pace in more than three decades
6 months, 3 weeks ago

Major blow for Albo with Aussie economy growing at slowest pace in more than three decades

Daily Mail  

Australia's economy is now growing at the slowest pace since the early 1990s recession, outside of a pandemic. 'Today's national accounts data show the economy is still on life support, with growth over the past year slipping to its slowest pace since the early 1990s, outside of the pandemic,' he said. Australia is Prime Minister Anthony Albanese's Labor government is …

Australia’s economy posts worst performance since 1992, excluding pandemic
6 months, 3 weeks ago

Australia’s economy posts worst performance since 1992, excluding pandemic

Al Jazeera  

Australia’s economy has posted its worst performance in more than 30 years, excluding the first year of the COVID-19 pandemic. Australia’s gross domestic product expanded by just 0.2 percent in the April-June period and 1 percent over the last year, the Australian Bureau of Statistics said on Wednesday. Australia’s post-COVID recovery is struggling after the central bank raised interest rates …

Australia's economy growing at slowest pace since 1990s recession, as households cut back on spending
6 months, 3 weeks ago

Australia's economy growing at slowest pace since 1990s recession, as households cut back on spending

ABC  

Australia's economy grew by 0.2 per cent in the June quarter, and 1 per cent over the last year, according to the Australian Bureau of Statistics. But the RBA's latest forecasts anticipated that Australia's economy would record an annual growth rate of 0.9 per cent in the June quarter, as a consequence of its attempt to squeeze inflation out of …

Australia's economy grew by 0.1 per cent in March quarter, with country 'teetering' on edge of recession
9 months, 3 weeks ago

Australia's economy grew by 0.1 per cent in March quarter, with country 'teetering' on edge of recession

ABC  

Australia's economy grew by 0.1 per cent over the first three months of 2024 and 1.1 per cent over the year, according to the Australian Bureau of Statistics national accounts. "For the fifth consecutive quarter, economic activity declined on a per capita basis and the 1.3 per cent decline over the past year is the largest Australia has experienced in …

The four big reasons Australia's economy is in crisis - and why life is set to get even tougher for struggling families
9 months, 3 weeks ago

The four big reasons Australia's economy is in crisis - and why life is set to get even tougher for struggling families

Daily Mail  

Australia's economy is facing four significant challenges amid an ongoing cost of living crisis which is crippling families. The nation's current account plunged into a $4.9bn deficit in the first three months of 2024 - a far cry from the $5.1bn surplus which was originally forecast. As a result, net exports slumped to $17.8bn, with the decline expected to shave …

Seventy per cent of surveyed businesses predict recession in Australia within 12 months
1 year, 7 months ago

Seventy per cent of surveyed businesses predict recession in Australia within 12 months

ABC  

Most industry professionals anticipate Australia is heading for a recession, according to a new survey. Key points: New industry survey points to likely Australian recession in the year ahead Rising costs and wage increases are the primary cause of financial pressure on businesses But other economic forecasts suggest Australia will avoid a recession thanks to a relatively strong jobs market …

Australia's economy grew by 0.2pc in March quarter, signalling marked slowdown in GDP
1 year, 9 months ago

Australia's economy grew by 0.2pc in March quarter, signalling marked slowdown in GDP

ABC  

Australia's economy grew 0.2 per cent in the first three months of 2023, according to the Bureau of Statistics. Key points: The economy is growing at an annual rate of 2.3 per cent, down from 2.7 per cent The household saving ratio has fallen to its lowest level in nearly 15 years Higher interest rates and the rising cost of …

Australia's economy recovered in 2022, will it crash in 2023?
2 years, 3 months ago

Australia's economy recovered in 2022, will it crash in 2023?

ABC  

Despite the odds, Australia largely withstood the global economic hurdles of 2022. "I think that's going to be the big story for next year, how much further for rates, how long do they hold and how quickly do we see the pricing dynamics and inflation ultimately being consistent with 2 to 3 per cent. "I think the unemployment rate's going …

Economic growth misses expectations as GDP increases 0.6 per cent in September quarter
2 years, 3 months ago

Economic growth misses expectations as GDP increases 0.6 per cent in September quarter

ABC  

Australia's economic growth has come in slightly below expectations, with GDP growing by 0.6 per cent in the September quarter and 5.9 per cent through the year. Key points: Australia's economic growth slowed down from a large 0.9 per cent increase in the previous quarter GDP growth came in slightly below the typical economist forecast of 0.7 per cent Household …

New data shows the economy is going to slow significantly over the coming two years
2 years, 4 months ago

New data shows the economy is going to slow significantly over the coming two years

ABC  

The economy is slowing to a crawl, according to the latest data. Key points: NAB's Forward Growth report expects economic growth to slow below 1.0 per cent The report predicts the cash rate to reach 3.6 per cent in March 2023 New data reveals average family spending has risen 15 per cent in five years The National Australia Bank published …

Is Australia headed for a recession?
2 years, 6 months ago

Is Australia headed for a recession?

ABC  

Is Australia headed for recession? Ms Masters said her modelling suggested a cash rate around 3 per cent would be sufficient to bring inflation back down into the RBA's target band by early 2024, but the RBA will probably end up lifting the cash rate to 3.35 per cent. She thinks the RBA will lift the cash rate target by …

Australia's economy grew strongly earlier this year, but at risk of a 'cliff-like slowing'
2 years, 6 months ago

Australia's economy grew strongly earlier this year, but at risk of a 'cliff-like slowing'

ABC  

Australia's economy grew strongly in the three months to June, but it was business owners who benefited more than workers. Key points: GDP grew 0.9 per cent in the quarter and 3.6 per cent through the year Increased spending on travel and hospitality drove much of the gain, along with the mining boom The share of national income going to …

GDP growth beats expectations, but who benefits most as profits outpace wages?
2 years, 9 months ago

GDP growth beats expectations, but who benefits most as profits outpace wages?

ABC  

Australia's economic growth beat analyst forecasts over the first few months of the year, but there is evidence the benefits are being felt more by business owners than workers. Key points: GDP rose more than economists were expecting, with the economy growing 3.3 per cent over the past year Compensation of employees was up 5.5 per cent over the past …

As GDP figures are announced, Australia's economy faces two economic realities
2 years, 9 months ago

As GDP figures are announced, Australia's economy faces two economic realities

ABC  

Australia's economy is just fine, thanks. Well, the Reserve Bank's May Monetary Policy Statement said: "More broadly, the Australian economy remains resilient and is expected to grow strongly this year. In March, the Treasury stated: "Economic growth forecasts have been revised upwards, driven by stronger than expected momentum in the labour market and consumer spending." Beyond consumer spending Again, according …

Australia aims to ease inflation pressures ahead of election
2 years, 11 months ago

Australia aims to ease inflation pressures ahead of election

Associated Press  

CANBERRA, Australia — Australia’s government presented a range of economic measures on Tuesday such as halving the tax on gasoline to help cushion the impact of high inflation and win votes at elections due by May. With inflation increasing in Australia and elsewhere driven in part by higher oil prices, the tax on gasoline and diesel will be halved from …

Australia's economic decline smaller than feared during latest east coast COVID lockdowns
3 years, 3 months ago

Australia's economic decline smaller than feared during latest east coast COVID lockdowns

ABC  

Australia's economy has recorded its third-biggest fall on record, as COVID lockdowns shut economic activity across the mainland's south-east. Key points: Australia's GDP fell 1.9 per cent in the September quarter, but economists had expected a 2.7 per cent slide A 4.8 per cent slump in household spending led the drop, due to lockdowns across the south-east Household saving rose …

Australia predicts record farm production despite challenges
3 years, 6 months ago

Australia predicts record farm production despite challenges

Associated Press  

CANBERRA, Australia — Australia is forecast to reap record farm revenues this year despite pandemic challenges, a mouse plague and a trade dispute with China. Australian farmers are expected to sell 73 billion Australian dollars in produce in the current fiscal year that started in July thanks to favorable weather and grain prices inflated by drought in the United States …

We're not in recession now? Here's what today's GDP figures mean
3 years, 6 months ago

We're not in recession now? Here's what today's GDP figures mean

ABC  

Today's GDP figures show the economy grew by 0.7 per cent in the June quarter. Economic activity grew by 0.7 per cent in the June quarter, following growth of 1.9 per cent in the March quarter "We should remind ourselves that the Australian economy was booming for a lot of the second quarter and some of the monthly data was …

Australian economic growth better than expected as nation's GDP returns from COVID recession, but lockdowns bite
3 years, 6 months ago

Australian economic growth better than expected as nation's GDP returns from COVID recession, but lockdowns bite

ABC  

Australia's economy bounced back from the COVID recession, with national growth rising 9.6 per cent over the year to June. The nation's economy rose 0.7 per cent in the June quarter, according to Australian Bureau of Statistics data, compared with a 1.9 per cent increase in the first three months of the year. Impact of lockdowns will show in September …

Australia's economy 1.1 per cent bigger than at the start of the COVID pandemic, GDP data shows
3 years, 9 months ago

Australia's economy 1.1 per cent bigger than at the start of the COVID pandemic, GDP data shows

ABC  

Australia's economy has bounced back from the COVID recession, growing by a much-better-than-expected 1.1 per cent over the past year. Key points: GDP grew 1.8 per cent in the March quarter, above economist expectations of 1.6 per cent The Australian economy is now 0.8 per cent bigger than its previous record, prior to the bushfire crisis and pandemic Both business …

Australian economy beats COVID blues to bounce back
4 years ago

Australian economy beats COVID blues to bounce back

Al Jazeera  

Australia’s economy beats expectations to expand 3.1 percent in the final quarter of 2020. “The ‘V-shaped’ nature of the recovery is everywhere to see – economic growth, the job market, retail spending and the housing market,” said Craig James, Sydney-based chief economist at CommSec. Household spending surged 4.3 percent from the previous quarter, adding 2.3 percentage points to GDP; government …

Australia 'emerges from recession' after GDP figures show economy growing for the first time this year
4 years, 3 months ago

Australia 'emerges from recession' after GDP figures show economy growing for the first time this year

ABC  

The Reserve Bank governor is warning recovery from this year's recession is likely to be "uneven and drawn out" as Australia's gross domestic product grows for the first time in 2020. Key points: GDP rose 3.3 per cent this quarter, as COVID-19 restrictions eased across most states and territories Household consumption grew almost 8 per cent after a 12.5 per …

Some media outlets say the recession caused by COVID-19 is over, but they're wrong
4 years, 4 months ago

Some media outlets say the recession caused by COVID-19 is over, but they're wrong

ABC  

The recession hasn't ended. Because economists use a range of definitions to pinpoint a recession, and one definition says if your economy experiences two consecutive quarters of shrinking activity then it's in recession. Photo shows Paul Keating It's close to 30 years since Australia's last recession, which saw vast numbers of people lose their jobs or struggle to break into …

Australia's coronavirus recession might soon be over, but the economic road back to full recovery will take years
4 years, 6 months ago

Australia's coronavirus recession might soon be over, but the economic road back to full recovery will take years

ABC  

And now for the good news. The long road to jobs recovery The last official recession we endured, back in 1991, appears as a tiny aberration in the economic growth story. But he's also stuck to his guns on the traditional supply-side measures, repeatedly hinting the October 6 budget may bring forward $158 billion in personal income tax cuts. Last …

Six graphs that explain Australia's recession
4 years, 6 months ago

Six graphs that explain Australia's recession

ABC  

Australia's recession is the deepest since the Great Depression of the early 1930s. The economy shrank an extraordinary 7 per cent in the three months to June — by far the biggest collapse since the Bureau of Statistics began compiling records in 1959. Treasurer Josh Frydenberg told a Parliament House press conference that in March his advisers were predicting a …

Australia recession: The economy had its worst quarter on record
4 years, 6 months ago

Australia recession: The economy had its worst quarter on record

CNN  

Hong Kong/Sydney CNN Business — The coronavirus pandemic has officially pushed Australia into its first recession in nearly three decades. The country’s GDP contracted 7% in the second quarter compared to the prior one, the Australian Bureau of Statistics said Wednesday. It marks the second straight quarter of declines for Australia — GDP shrank 0.3% in the first quarter — …

Australian recession confirmed as COVID-19 triggers biggest economic plunge on record
4 years, 6 months ago

Australian recession confirmed as COVID-19 triggers biggest economic plunge on record

ABC  

Australia is officially in its first recession for almost three decades, with the June quarter GDP numbers showing the economy went backwards by 7 per cent — the worst fall on record and slightly worse than most economists had predicted. Key points: GDP plunged 7 per cent in the June quarter, more than three times the previous biggest fall of …

Australian share market rises, dollar comes off five-month high
4 years, 9 months ago

Australian share market rises, dollar comes off five-month high

ABC  

The Australian share market rose this session but ended off its early highs, after a strong session on Wall Street. Key points: The major US share indices gained between 0.8 and 2.05pc last night The Nasdaq is now just 1.4pc from its record high set in February, the S&P 500 still 7.8pc off The Australian dollar has eased back from …

Australia in its first recession in 29 years as March quarter GDP shrinks
4 years, 9 months ago

Australia in its first recession in 29 years as March quarter GDP shrinks

ABC  

GDP figures from the Bureau of Statistics show Australia's economy shrank 0.3 per cent in the March quarter, amid bushfires and the early stages of the coronavirus pandemic. Key points: Australia's GDP, or economic output, fell 0.3pc over the March quarter With a big fall in GDP certain in the current June quarter that will mark Australia's first technical recession …

GDP figures are out, but what does it all mean for you?
4 years, 9 months ago

GDP figures are out, but what does it all mean for you?

ABC  

What do your neighbour Xin, a mining company in Western Australia and your beautician Sally have in common? "It gives us lots and lots of meaty information when you drill down into all the nerdy numbers about how our economy is functioning and what's working well and what needs help," explained Nicki Hutley, an economist with Deloitte Access Economics. "It's …

Australia suffers first recession in 29 years due to Covid-19
4 years, 9 months ago

Australia suffers first recession in 29 years due to Covid-19

CNN  

Sydney/Hong Kong CNN Business — Australia’s economy is suffering its first recession in nearly three decades as the nation grapples with the impact of the coronavirus pandemic. The country’s economy shrank 0.3% in the first three months of the year from the previous quarter, according to the Australia Bureau of Statistics. Despite the recession, Frydenberg said Australia has “avoided the …

Recession was obvious for Australia, whether GDP numbers confirmed it or not
4 years, 9 months ago

Recession was obvious for Australia, whether GDP numbers confirmed it or not

ABC  

The dream run finally has come to an end. After a relatively mild 0.3 per cent contraction in the three months to the end of March, the economy is now poised for a dramatic plunge this quarter. But what if, through some statistical anomaly, the numbers somehow had managed to remain in positive territory for the March quarter and all …

The immediate struggle is to absorb the unemployed. But the path to recovery after coronavirus recession will shape economies for years
4 years, 10 months ago

The immediate struggle is to absorb the unemployed. But the path to recovery after coronavirus recession will shape economies for years

ABC  

Australia's political class has started arguing about the best way to restart the economy. In 2000, when Australia's population was 19 million, the Bureau of Statistics projected population growth would slow to a crawl by 2050 due to a severe decline in the birth rate and low migration. The shift in policy has caused Australia's population to swell by 30 …

Economic expert warns Australia's economy will be hit WORSE than rest of the world by coronavirus
4 years, 11 months ago

Economic expert warns Australia's economy will be hit WORSE than rest of the world by coronavirus

Daily Mail  

Burman Invest's chief investment officer Julia Lee said the Australian economy faced 'a lot of pain' for the remainder of 2020. The International Monetary Fund is predicting a 6.7 per cent economic contraction for Australia this year A finance expert has warned Australia faces 'a lot of pain' for the remainder of 2020, as the coronavirus crisis hits twice as …

IMF forecasts big coronavirus growth hit amid world in a 'great lockdown'
4 years, 11 months ago

IMF forecasts big coronavirus growth hit amid world in a 'great lockdown'

ABC  

Australia's economy is expected to shrink dramatically this year as the global economy suffers its worst recession since the Great Depression. Key points: Australia's economy will likely be one of the worst-hit economies in the Asian region, shrinking by 6.7 per cent this year The IMF is tipping the global economy will shrink by 3 per cent this year, but …

Australia's economy beats expectations ahead of bushfire, coronavirus impacts
5 years ago

Australia's economy beats expectations ahead of bushfire, coronavirus impacts

ABC  

Australia's economy grew by a better-than-expected 0.5 per cent in the December quarter and 2.2 per cent over the past year, according to the Bureau of Statistics. Key points: Australia's GDP growth decelerated from 0.6 per cent in the September quarter to 0.5 per cent in the three months to December But the result was better than most economists forecast, …

There is a chance today's GDP number could signal Australia is already in recession
5 years ago

There is a chance today's GDP number could signal Australia is already in recession

ABC  

Australia's economy is facing some of its biggest threats in a generation. Key points: Economists' forecasts for December quarter GDP growth range between zero and 0.4 percentage points Consumer spending declined in December and is expected to have remained low at the beginning of this year Analysts agree the risk of a recession is rising This time last year the …

Economic growth being killed by consumer, business spending 'strike'
5 years, 3 months ago

Economic growth being killed by consumer, business spending 'strike'

ABC  

Australians are hurting the economy by not spending, with household savings soaring as consumer spending plummets to its lowest level since the global financial crisis. Key points: GDP growth stepped down from 0.6pc over the quarter to 0.4pc Households appear to saving rather than spending their tax returns, as savings rose while discretionary spending saw its weakest growth since the …

'80 per cent of the economy is going backwards', and that's likely to continue for some time
5 years, 3 months ago

'80 per cent of the economy is going backwards', and that's likely to continue for some time

ABC  

The good news is the Australian economy is just about to notch up another quarter of economic growth, now in the 29th year of its record-breaking expansion. General government final consumption expenditure increased by $817 million, or 0.9 per cent, in the quarter, and is expected to contribute 0.2 percentage points to growth in the September quarter. The seasonally adjusted …

Australia's economy has slowed to a decade low but the budget may already be back to surplus
5 years, 6 months ago

Australia's economy has slowed to a decade low but the budget may already be back to surplus

ABC  

Australia's economy has slowed to its most sluggish pace since 2009, when the GFC slammed the brakes on GDP growth, but the weak headline result may not stop the Government announcing a budget surplus a year earlier than planned. Key points: Australia's economy has posted its equal slowest annual growth since the year 2000 The economy grew 0.5pc in the …

Two-thirds of Australians saw NO increase in their income last year
5 years, 7 months ago

Two-thirds of Australians saw NO increase in their income last year

Daily Mail  

Almost two-thirds of Australians saw no increase in their income during the past financial year, new figures show. Almost two-thirds, or 64 per cent, of people saw no increase in their income in the 2018-19 financial year. Almost two-thirds of Australians saw no increase in their income during the past financial year, new figures show The situation was particularly bad …

The gross dipping point?
5 years, 7 months ago

The gross dipping point?

Deccan Chronicle  

The BJP government came to power with promises of a $5 trillion economy. Exports are not rising and investment is slow, the auto sector has seen a decline in sales in the last four months, rural income has been hit by low prices and private sector investment in infrastructure has lagged. There is no easy answer - the RBI could …

The economy is weak and heading downward
5 years, 8 months ago

The economy is weak and heading downward

ABC  

During the election we were promised jobs and growth. Despite expecting neither employment nor inflation to grow fast enough to meet the Reserve Bank's targets in 2019-20, the panel expects only one more cut in the interest rates this financial year, which would take the cash rate to 1 per cent. Whereas in January only three members of the 20-person …

Jobs are the main factor keeping Australia's economy from recession
5 years, 9 months ago

Jobs are the main factor keeping Australia's economy from recession

ABC  

Australia's economy is hanging tough, stubbornly refusing to capitulate to recession after a world-record 28 years of growth. Even as Australia's economic growth rate dropped off the edge of a cliff mid-last year — with quarterly growth plunging from 0.9 per cent in the June quarter to 0.3 per cent in September and down further to 0.2 per cent in …

Australia's economy slows to levels last seen during the GFC
5 years, 9 months ago

Australia's economy slows to levels last seen during the GFC

ABC  

Australia's economy has slowed further, with GDP growth tumbling under 2 per cent over the past year. Key points: Australia's economy grew by 0.4 pc in the first quarter, taking year-on-year growth to 1.8pc, the weakest result since 2009 Domestic consumption was weak as households spent less and saved more Strong government spending and commodity exports help prop up the …

Australia's economic slowdown heading to GFC levels as GDP growth continues to drop
5 years, 9 months ago

Australia's economic slowdown heading to GFC levels as GDP growth continues to drop

ABC  

In the compartmentalised world of information constructed by former US defence secretary Donald Rumsfeld, this is a week for "known knowns" rather than the more common "known unknowns" in the Australian economy. Retail sales: -0.1 per cent Q3 2019 compared to a flat Q4 2018 The value of construction work: -1.9 per cent compared to +2.1 per cent rise Q4 …

Discover Related