What caused the economy to contract

Disclosure Statement: Durand Financial Services Pty Ltd and its advisers are authorised representatives of Fortnum Private Wealth Ltd ABN 54 139 889 535 AFSL 357306. General Advice Warning: The information contained within this website does not consider your personal circumstances and is of a general nature only. You should not act on it without first obtaining professional financial advice specific to your circumstances.

(Australian Associated Press)

 

Australia’s gross domestic product fell 0.5 per cent in the September quarter, cutting annual economic growth to just 1.8 per cent. Here’s why:

* Consumer spending grew by just 0.4 per cent in the quarter, the weakest growth since 2013.

* Housing investment fell 1.4 per cent, a correction from strong growth in previous quarters.

* Public spending dropped 2.4 per cent after a big rise the previous quarter.

* Business investment grew by 0.1 per cent, with non-mining investment barely making up for falling mining investment.

* Net exports fell, as imports outweighed exports.

(Source: AMP Capital and CommSec)

0

Like This