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December 14

The Recession That Barely Was

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Evidence of a pending property boom in Brisbane?

For Graph Lovers

AUSTRALIAN NATIONAL ACCOUNTS: SEPTEMBER 2020

Australian economic activity rose 3.3% in seasonally adjusted chain volume terms in the September quarter 2020.

Domestic final demand rose by 4.5% (the largest increase ever recorded) and contributed 4.3 percentage points to GDP growth. Household consumption expenditure accounted for 4 percentage points and government expenditure 0.3 percentage points.

Qld and NSW had equal highest growth in State Final Demand.

Household spending drove the economy, rising 7.9%. Spending on services rose 9.8%, driven by spending on hotels, cafes and restaurants, health and recreation and culture as containment measures were relaxed. The easing of restrictions also increased demand for goods, which rose 5.2%.

Qld household expenditure growth of 11.6% was the second highest in the country, trailing WA by 0.1%. Qld is the only state to experience growth in household consumption over the previous year.

Government final consumption expenditure increased 1.4%, the ninth consecutive rise, driven by increased social benefits to households.

All industries experienced rises in gross value added with the exception of mining, and agriculture, forestry and fishing (17 out of 19 industries).

Compensation of employees rose 2.3% as hours worked increased. Part-time employment also rose. Household disposable income grew 3.4%, reflecting increases in both labour and non-labour income as activity in the economy increased.

The household saving to income ratio declined from its record high last quarter, but remains elevated at 18.9%. 


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