National accounts are out for June 2026 and in some mildly good news for a change, the economy grew more than expected,
For June 2026:
🌵 GDP grew a pretty solid 0.4% QoQ and 2.1% YoY
🌵 GDP per capita was a less inspiring 0% QoQ and 0.7% YoY
🌵 Productivity grew a dismal 0% QoQ a -0.2% YoY
🌵 Household savings remained reasonable at 6.5%
This is a mixed print, with the good news that growth is running ahead of the RBA’s forecasts. On the flip side, this does marginally increase the change for a rate rise at the end of this month.
More importantly (in my opinion anyway) is productivity growth remained flat for the quarter with no signs of improvement. Absent a turnaround in productivity, we aren’t going to be able to sustainably address our long running lag in real wages.