Australia Economic Outlook
August 20, 2019
Growth likely lost further traction in the second quarter, after frail domestic demand weighed on the economy in the first quarter. Weak private consumption dynamics seemingly carried over into the second quarter, reflected by retail sales decelerating to an over nine-year low amid an uptick in the unemployment rate and softening housing market. Furthermore, survey-based data pointed to downbeat investment activity amid faltering business conditions in Q2. On a more positive note, the external sector remained resilient to global trade woes in the quarter, with booming commodity exports underpinning double-digit merchandise exports growth. Turning to the third quarter, despite employment gains, consumer confidence plunged to a near two-year low in July and remained subdued in August, while business sentiment remained frail in July.Australia Economic Growth
Growth is seen losing pace this year due to fixed investment slipping into contraction and as consumer demand suffers from high household debt, weak wage growth and sliding house prices. That said, monetary policy easing and higher fiscal spending should boost growth in H2, softening the overall slowdown this year. A deteriorating global economy and trade woes are key risks to the outlook. FocusEconomics panelists expect GDP to expand 2.0% in 2019, which is unchanged from last month’s forecast, and 2.5% in 2020.Australia Economy Data
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Australia Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 0.93 | 1.47 % | Sep 04 |
| Exchange Rate | 0.68 | 0.05 % | Sep 04 |
| Stock Market | 6,656 | 0.08 % | Sep 04 |
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Australia Economic News
Australia: Consumer sentiment moves back into negative territory in September
September 11, 2019
The Westpac-Melbourne Institute consumer sentiment index dropped from 100.0 points in August to 98.2 points in September.
Australia: Businesses confidence drops in August; business conditions at close to five-year low
September 11, 2019
The business confidence index produced by National Australia Bank (NAB) dropped to plus 1.4 points in August from July’s 3.8 points.
Australia: Annual growth nears 10-year low in Q2; quarterly growth remains stable
September 4, 2019
According to figures released by Australia’s Statistical Institute (ABS) on 4 September, GDP expanded 0.5% quarter-on-quarter in seasonally-adjusted terms in Q2, following a revised increase of the same magnitude in the first quarter (previously reported: +0.4% quarter-on-quarter).
Australia: Weak start to Q3 for Australian consumers
September 3, 2019
Nominal retail sales in July contracted 0.1% over the previous month in seasonally-adjusted terms, swinging from June’s healthy 0.4% increase.
Australia: RBA holds its ground in September
September 3, 2019
At its 3 September monetary policy meeting, the Reserve Bank of Australia (RBA) kept the cash rate unchanged at an all-time low of 1.00%.
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