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Australia Q4 GDP +3.1% Q/Q; Household Saving Ratio Falls

AUSTRALIA DATA
MNI (Singapore)
  • The Australian economy grew 3.1% in seasonally adjusted chain volume measures in the December quarter, this follows a 3.4% rise in the September quarter 2020.
  • Australia's Q4 GDP fell 1.1% on a annualised basis.
  • The terms of trade rose 4.7% this quarter off the back of higher export prices, particularly for iron ore.
  • The household saving ratio decreased to 12.0% from 18.7%, remaining at elevated levels.
  • Falls in gross disposable income and increases in household consumption both contributed to the decline in saving.
  • Private investment rose 3.9% for the quarter. Both housing and business investment increased, supported by government initiatives and improved conditions.

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