Bullhawk down

Thursday 5 December 2024

Australia’s RBA governor, Michele Bullhawk, is about to make an awkward first landing.

Goldman’s Andrew Boak shoots the ungainly creature down.

Bottom line: Australian GDP increased 0.3%qoq in 3Q2024, with year-ended growth decelerating to a new 32-year low of 0.8%yoy (ex-pandemic lockdowns). The outcome was 20bps below expectations (GSe/BBG: +0.5%qoq, +1.1%yoy) and GDP per capita contracted for a seventh consecutive quarter.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.