Yesterday's Australian Q2 GDP data release showed 'the 12th straight quarter of below-average performance'
There's more along this line in the Australian press this morning, reflecting the sour mood in the economy.
- The Australian Financial Review, for example (may be gated, but here's the link):
- The economy narrowly missed shrinking
- A spike in government spending - including on defence - helped cushion the most sustained slump in national income since the early 1990s recession
- Fewer exports, weak investment and falling profits
- 2 per cent annual growth rate was the 12th straight quarter of below-average performance
- Terms of trade fell 10.6 per cent over the financial year, the biggest declines on record since at least the late 1950s
- "The key take-out is just how perilous things are now"
More at the link, above. And plenty like it all over the Aussie press. This sort of thing should keep the AUD under pressure.
