After the hype, our economy's grim reality setting in

When you examine the national accounts, that’s what you find. Over the nine months to March, the income Australia’s households received from wages grew by 3.5 per cent, before adjusting for inflation., but because more people had jobs. Weakness in other forms of household income meant thatBut households’ payments of income tax grew by 4.5 per cent, thanks mainly to bracket creep. This helped cut the growth in householdincome to 2 per cent.

Reverting to “real” figures, this explains why consumer spending has grown by only about 0.3 per cent a quarter since June, reducing its growth over the year to March to an anaemic 1.8 per cent.spending categories, including on recreation, cafes and restaurants, and clothing and footwear – a further sign that households are feeling the pinch.Since consumer spending accounts for almost 60 per cent of GDP, that’s all the explanation you need as to why the economy’s now so weak.

And business investment is also weak. While non-mining investment grew by 2 per cent in the quarter, mining investment fell a further 1.8 per cent. Overall, business investment was up 0.6 per cent in the quarter, but down 1.3 per cent over the year to March.demand is helping, however. With the volume of exports growing, while the volume of imports was “flat to down” - another sign of weak domestic demand - “net exports” are contributing to growth.

Source: Financial Digest (financialdigest.net)

at least the ALP is not in charge - that would be a bloody disaster

We all knew this. The media let us down badly by letting the govt get away with their lies.

Josh may regret having won this role! Could be tough economic times ahead!

Thank god we didn’t vote shorten in.. we would have had a guaranteed recession. This team is our best hope of avoiding..

1RossGittins Again an article which does not mention the holy cow of immigration, the main contribution to population growth which necessitates Scomo 's congestion busting infrastructure. This expenditure fixes past problems but does not increase future productivity

People chose this lot to save a few franking credit dollars...

The election was a fairdinkum smash-up though wasn’t it.

When you look around to see that 'trickle down economics' is actually just warm and yellow.

And they give themselves a pay rise, really.

This isn't new... Twitter and anyone with half a brain can work that out. My local coffee shop owner told me business is going stale. People are going back to cheap coffees. Furniture store assistant told me no one is buying at the moment. It's blatantly obvious

BEsT eCONoMIc maNAgErS

ARE WE the WORST 'HIP POCKET' VOTERS in the WORLD after the 'BREXIT' voters of course🤪🤪🤪🤪🤪🤪🤪🤪🤪🤪

Fuken short memory you guys have

you hyped it ....

now he is dumb struck with reality Just b4 d election he was always gloating as a good econ manager Total shit

And forgot to say...Labor would have made it only much worse

How good is grim reality?!

They lied through their back teeth They actually drove the economy down and booby traps it for Shorten

What hype? The MSM created hype based on no evidence but LNP lies? Where was the scrutiny prior to the election? The LNP have tanked the economy. Thank you MSM for nothing. auspol

after LNP lie which was parroted by media like SMH....

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