December quarter GDP up 0.2%; households spending less on discretionary items

06 March 2024

 

Summary: Australia’s GDP up 0.2% in December quarter, in line with expectations; Westpac: weakest six-month performance since the GFC excluding COVID years; ACGB yields fall noticeably; rate-fall expectations harden; Citi: household savings ratio rises, consumers spending more on essential goods, services, less on discretionary items; imports, inventories again major influences in quarter. Since the “recession we had to have” as the recession of 1990/91 became known, Australia’s GDP growth has...

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