No more rolled gold GDP

The composition of the latest GDP print suggests growth for the September quarter will be almost certainly be less than 0.5 per cent and could be flirting with zero.

GDP rose 0.6 per cent for the June quarter and 3.7 per cent for the year. It is yet another great economic indicator, simply because GDP growth is required for job creation, rising incomes and social harmony.

The GDP data was driven by solid growth in household spending, a contribution for net exports, government demand and business investment. Growth was dampened by weakness in company profits, inventories and a further fall in the terms of trade.

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