Economy lifts but spending at GFC levels

Original article by Patrick Commins
The Australian – Page: 4 : 5-Dec-19

Australia’s GDP growth for the September quarter was slightly below economists’ forecasts at 0.4 per cent, while the economy grew by 1.7 per cent year-on-year. The national accounts data also shows that consumer spending increased by just 0.1 per cent during the quarter, which is its lowest rate of growth since the global financial crisis. Meanwhile, the household savings rate rose from 2.7 per cent to 4.8 per cent. Treasurer Josh Frydenberg has welcomed the GDP data, but shadow treasurer Jim Chalmers has renewed Labor’s call for economic stimulus.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, RESERVE BANK OF AUSTRALIA, AUSTRALIAN BUREAU OF STATISTICS

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