Australian GDP profile upwardly revised

Australia’s economic contraction for 2020 is now expected to be less severe than previously thought.  Our shift in view has primarily been driven by an upgrade to our GDP estimate for Q3. Two key pieces of economic data provided the evidence to upgrade – CBA Credit / Debit card spending and hours worked. Both have tracked stronger than originally expected.  The news is encouraging.  In this podcast Gareth Aird, Head of Australian Economics and Belinda Allen, Senior Economist discuss the changes, how this compares to current official forecasts and what it means for growth beyond the September quarter.

 

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