GDP fell 0.3% SA in Q1, slowing to...>

AUSTRALIA DATA: GDP fell 0.3% SA in Q1, slowing to 1.4% y/y Y, according to

figures released by the Australian Bureau of Statistics (ABS)

--Chief Economist for the ABS, Bruce Hockman, said: "This was the slowest

through-the-year growth since September 2009 when Australia was in the midst of

the Global Financial Crisis and captures just the beginning of the expected

economic effects of COVID-19."

--The Australian economy was impacted by a number of significant events this

quarter, starting with bushfires and other natural disasters, followed by the

outbreak of COVID-19 and the subsequent imposition of restrictions

--Private demand detracted 0.8 pp from GDP, driven primarily by a 1.1% fall in

household final consumption expenditure.

--Net Trade contributed 0.5 pp to GDP. Imports of goods fell 3.9%, with falls in

consumption and capital goods reflecting weak domestic demand. Imports of

services fell 13.6%.

--The household saving to income ratio rose to 5.5%, reflecting a rise in gross

disposable income and falls in consumption.