Economic growth in the January to March quarter of 2020
-0.3% q/q
- expected -0.4% q/q, prior +0.5%
1.4% y/y
- expected 1.4% y/y, prior 2.2%
Australian Bureau of Statistics comment, not too bad a summary:
- The Australian economy was impacted by a number of significant events this quarter, starting with bushfires and other natural disasters, followed by the outbreak of COVID-19 and the subsequent imposition of restrictions. The government responded with the introduction of economic stimulus and support packages.
And, this:
- household saving to income ratio rose to 5.5 per cent
- reflecting a rise in gross disposable income and falls in consumption
- Gross disposable income was driven by a 6.2 per cent increase in social assistance benefits due to both an increase in the number of recipients and the introduction of new government support packages in response to COVID-19 and bushfires.
Its a poor report, of course, but I am going to grasp at that straw of higher savings as a positive.
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Background:
