Floods, supply chain troubles in China and cost of living impacts will combine to slow the economy through the first three months of the year. auspol
New Treasurer Jim Chalmers will receive a wake-up call about the state of the country as this year’s floods, supply chain issues out of China and the cost of living weigh on the economy.
The final parts of the March quarter GDP result, covering the balance of payments, government spending and business inventories, will be released by the Australian Bureau of Statistics on Tuesday but earlier partial indicators point to a general slowdown. “In some respects, the national accounts reflect ‘old news’ as the Australian economy will have completed about two-thirds of the current June quarter, and economic conditions today are different to those at the start of the year. But the new government has clearly inherited a difficult situation,” he said.
A Japanese container ship in Shanghai’s Yangshan Port. China’s lockdowns to deal with Covid are affecting the global economy.AMP Capital chief economist Shane Oliver, who believes the March quarter result could be flat, said net exports alone could reduce growth by 1.8 percentage points. Jarman, who is tipping a 0.5 per cent March quarter result, said household consumption may change away from goods towards services as the year goes on.
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