An income recession spells more gloom for Australia

After today's uninspiring GDP result, many economists will be wondering whether the Reserve Bank has mistimed the collapse in mining investment.

Growth slowed considerably in the September quarter and the outlook for the Australian economy appears all but certain to be downgraded as we push into 2015. It can be unwise to focus too much on old data, but today’s GDP release provides some important insights into the factors that will drive the economy over the next few years.

Real gross domestic product rose by 0.3 per cent in the September quarter, well below market expectations, to be 2.7 per cent higher over the year. The dollar fell sharply on the result, pushing below $US0.84.

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