Comments via Westpac on the data today showing a "severe economic recession over the first half of 2020".

WPAC on surprises in the release:

  • Hours worked fell by -9.8% in the quarter, following a -0.9% in Q1 ... materially weaker than the labour force survey, a -0.3% and a -8.4%.
  • business investment was weaker than suggested by the partials
  • Household incomes rose ... because of the wage subsidy scheme and other income transfers from the government
  • Wage incomes fell by only -2.5%, while gross disposable income jumped by 2.2%, or up by a massive 2.9% in real terms. The household savings rate spiked to 19.8% from 6%, providing households with a considerable buffer to draw upon in coming quarters.

Bolding mine - that buffer is likely to be drawn upon in coming quarters with what I expect to be a '2 steps forward and 1 back' recovery ahead.