The Australian Bureau 0f Statistics (ABS) has released its national accounts data for the June quarter, with real GDP lifting 0.9% over the quarter to be up 3.9% year-on-year:
The results missed analyst’s expectations of a 1.0% quarterly rise.
The key movements are listed below:
Domestic final demand contributed 1.0 percentage point to GDP growth. Household final consumption expenditure contributed 1.1 percentage points, driven by increased spending on discretionary services. Government consumption detracted 0.2 percentage points, with reduced spending on health by state governments following the peak of the Omicron outbreak in March quarter.
Net trade contributed 1.0 percentage points, driven by a strong rise in exports (+5.5%), while imports recorded a partly offsetting rise (+0.7%).
Following an unprecedented inventory build-up of $7.8 billion in March, changes in inventories recorded a more moderate build-up of $1.6 billion this quarter, detracting 1.2 percentage points from GDP growth.
The profits share of total factor income increased to a record 32.9% this quarter, while the Compensation of Employees share declined to a new low of 48.5%:
I’ll provide more detailed analysis in due course.
