The second quarter (April to June) was the worst of the COVID-19 shutdown impact on the economy.
GDP -7.0 %q/q (as) ... the largest drop on a quarter on record
- expected -6.0%, prior -0.3%
GDP -6.3 % y/y
- expected -5.1%, prior
1.4%revised to 1.6%
Confirming a shrinking economy in the second quarter, and after shrinkage in Q1 an officially confirmed recession (for those who had any doubt!)
A big hit to households ... household consumption -12.1% in Q2
- Q1 was -1.2% fall
- If there is a positive to this its that the household savings rate surged
AUD is extending its earlier losses by a few tics.
