2022 Nov Unemployment Economic Data

Australia’s economy is now more than 5% bigger than it was before COVID-19, a better performance than most comparable economies.

Households have been saving less in order to spend more. Since the start of this year, household saving has slipped from 13.5% to a more normal 8.7%.

Spending has also been supported by the fall of unemployment, now down to a near half-century low of 3.4%, a low that might be sustained for quite a while.

In the June quarter profits again grew faster than wages.  The national accounts show the compensation of employees (wages plus super) grew 7% over 2021-22, well above the official wage growth figure of 2.6%.

Household saving ratio continues to decline as consumption opportunities increase

The household saving ratio declined from 11.1% to 8.7%, remaining slightly above pre-pandemic levels.

Gross domestic product, chain volume measures, seasonally adjusted

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Household saving ratio, seasonally adjusted

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