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Yesterday’s national GDP data (see here for commentary) showed that Australia is in recession; first quarter GDP fell 0.3% qq and, as is abundantly clear, the second quarter data will show a further significant decline (our projection is for a 8.7% qq fall). This national data, combined with the recent …read more
The release of the Q1 GDP data by the ABS this morning confirms what anyone already knows…Australia is in recession. Although we will not get the official numbers for the second quarter for another three months, it is clear that a three month shut-down from March will inevitably mean a …read more
While the ABS produce Gross State Product data only on an annual basis we must rely on the quarterly estimates from QLD Treasury for the intermediate periods. We’ll get the ABS estimates of State Final Demand for the first quarter 2020 tomorrow with the release of national GDP data, but …read more
The ABS released their special bi-weekly jobs data today. It showed jobs falling by 6.9% in the month from 21st March in Australia; the decline was 6.1% in Queensland. The breakdown by industry showed; Accommodation & Food down 30.9%/27.9% (Aus/Qld) Arts & Recreation down 11.8%/11.2% Retail down 6.0%/6.1% Construction down …read more
The fourth quarter GDP data released this morning was stronger than expectations, which along with upward revisions to past quarters saw the year-on-year number significantly better than had been hoped for. Seasonally adjusted GDP rose 0.5% q/q for a year-on-year increase of 2.2% (up from 1.8% in the previous quarter). …read more
We will see the latest national accounts for the fourth quarter of 2019 released by the ABS on Wednesday morning, but in the meantime the Queensland Treasury released their own State Accounts data late last week for the third quarter. While the ABS produce State Final Demand (the domestic side …read more
Earlier this week saw the release by Queensland Treasury of the State Accounts for the second quarter of 2019. As we noted last quarter, this data gets precious little coverage and yet is, in our opinion, a very useful indicator of how the State economy has been performing. While the ABS produce …read more
The second quarter GDP data released today shows q/q growth of 0.5% (seasonally adjusted) or 1.4% for the year (down from a revised 1.7% the previous quarter. This result is broadly in-line with market expectations and comes on the back of continued weak household consumption (which sees household savings fall …read more
Today saw the release by Queensland Treasury of the State Accounts for the first quarter of 2019. As we noted last quarter, this data gets precious little coverage and yet is, in our opinion, a very useful indicator of how the State economy has been performing. While the ABS produce Gross State …read more
Tomorrow we will see the Queensland ALP Government release their 2019-20 Budget and ahead of that the Courier Mail today has published a ‘Budget Battle’ piece with competing statements from Treasurer Jackie Trad and former LNP Treasurer Tim Nicholls (why we aren’t hearing from the current LNP Shadow Treasurer Tim …read more
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