GDP per capita stalls
A lightning-quick tun through the national accounts in a two-minute read.
The Aussie National Accounts recorded a disappointing 0.4 per cent real GDP growth for the September quarter, and 2.1 per cent growth over the year.
Given strong population growth, GDP per capita actually fell back a fraction over the quarter.
The quarterly result was held back by net exports and inventories, but the underlying trend for consumer demand and dwelling investment seems to suggest stronger growth ahead.
Of course, we've had big population growth and above-target inflation of late.
Nominal GDP was 1.7 per cent higher over the quarter, and some 5.4 per cent higher over the year, at a fresh new high.
For households, housing interest paid continued to slide as more attractive mortgage rates have become available to borrowers.
In turn, this allowed the household saving ratio to rise a little.
The wrap
Overall, the headline result was pretty disappointing, but the underlying figures seem to point towards an ongoing recovery, with a hawkish-sound RBA adding to the belief that the next move in interest rates will be up.
On the plus side it appears that productivity may be improving as supply in the economy normalises, so hopefully this should help inflation to ease back into the target band in 2026.
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