Value-added component remains intact, despite cracked economy

These results are worse than we had anticipated, but there are a few encouraging signs hidden amongst the gloom, writes Dr Brendan Rynne.

The latest gross domestic product (GDP) results shows the national economy screeched to a halt in the June quarter of 2020, declining 7 percent from the previous quarter, to be down 0.2 percent year on year.During this quarter many Australians saw their jobs evaporate or their hours worked fall, resulting in lower income and increased uncertainty.You can see this detailed in the national accounts: hours worked fell by about 10 percent, wages income for employees fell 2.5 percent, and real net...

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Authors: Brendan Rynne

Published Date: 03 September 2020