Technical Recession: State by State

When the current National Account figures were released earlier this month, the ABC did a state by state breakdown of growth in each state.

  • The New South Wales economy expanded by 0.5 per cent over the quarter in seasonally adjusted terms, after the previous two quarters’ contraction.  Technical Recession
  • The Victorian economy expanded by 3 per cent over the quarter in seasonally adjusted terms, after the previous quarter’s contraction.
  • The Queensland economy contracted for a third consecutive quarter in seasonally adjusted terms, by 0.1 per cent. Technical Recession (heading for Depression)
  • The South Australian economy expanded for a second consecutive quarter in seasonally adjusted terms, by 1.3 per cent.
  • The West Australian economy expanded by 1.6 per cent in seasonally adjusted terms, after the previous quarter’s contraction.
  • The Tasmanian economy recorded no growth in trend terms, after the previous quarter’s contraction.
  • The Northern Territory economy contracted for a third consecutive quarter in trend terms, by 3.4 per cent. Technical Recession (heading for Depression)
  • The ACT economy contracted for a third consecutive quarter in trend terms, by 0.4 per cent. Technical Recession (heading for Depression)

On a State by State breakdown (including territories), four of them are or were in a Technical Recession and three of them are heading for a technical Depression (four quarters of contraction).  Things are by no means looking up.

The only positive that we can take out of it is that the ACT economy does not significantly add to Australia’s national aggregate but with the resource strong Queensland and Northern Territory going backwards, it is not looking good.

Do not count on that interest rate hike just yet.

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