Data on economic growth in Australia from January to March 2019.
Some say this data point is very dated and much has changed since. They have a point (or more than one). Gotten worse.
Comes in at a softer than expected 0.4% q/q
- expected 0.5% q/q, prior 0.2%
For the y/y, comes in at 1.8%
- expected 1.8%, prior 2.3%
Australian Bureau of Statistics with the grim highlights:
- Government spending was the main contributor to growth reflecting ongoing delivery of services in disability, health and aged care.
- Household spending slowed and contributed a modest 0.1 per cent to growth reflecting reduced spending on discretionary goods such as furnishing and household equipment, recreation and culture and hotels, cafes and restaurants.
- Dwelling investment continued to detract this quarter. The slowing housing market has resulted in significant falls in ownership transfer costs, particularly stamp duty.
- "The Australian economy continues to grow but more slowly than our long term average of 3.5 per cent."
Exports a private sector bright spot. A bit at least.
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RBA meeting yesterday (artist impression)
