Evening Daily : Economic activity increased 0.6 per cent in September quarter

Happy Wednesday!

To our friends and relatives in South Australia, particularly in Renmark. Keep safe and follow your South Australia State Emergency Service officials.

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Today in History

1988: 6.9 earthquake in Spitak, Armenia kills 25,000-50,000 people and leaves up to 500,000 homeless.

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A few headlines from this morning :

  • Two Trump Organization companies were found guilty by a Manhattan jury on multiple charges of criminal tax fraud.

  • People in China's capital Beijing were allowed to enter parks, supermarkets, offices and airports without showing proof of a negative COVID-19 test.

  • Austrac commences Federal Court proceedings against Skycity Adelaide for alleged serious systemic non-compliance with Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws.

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Australian Gross Domestic Product (GDP) rose 0.6 per cent in seasonally adjusted chain volume terms in the September quarter of 2022 and by 5.9 per cent through the year, according to figures released by the Australian Bureau of Statistics (ABS) today.

Sean Crick, ABS head of National Accounts, said increased household spending once again drove GDP growth.

"The September quarter was the fourth consecutive quarter of economic growth, following a contraction in the September quarter of 2021, which was impacted by the COVID-19 Delta outbreak," he said.

  • Our economy grew 0.6 per cent during the September quarter of 2022, and 5.9 per cent compared to last year. This was the fourth consecutive quarter of growth since the COVID-19 Delta variant lockdowns. Household consumption drove the increase, growing 1.1 per cent.

  • We spent more and saved less. The household saving rate continued to fall reaching pre-pandemic levels. Households saved 6.9 per cent of their income during the quarter, compared to 6.8 per cent in the December quarter of 2019.

  • Consumer prices rose 1.8 per cent during the September quarter of 2022 and 7.3 per cent compared to last year. This was the fastest annual increase since 1990. The major drivers of consumer price increases during the quarter were in housing, gas and furniture.

  • Wage growth continued to trail inflation but showed signs of strengthening in response to tight labour market conditions. The unemployment rate for the month of September was 3.5 per cent. Compensation of employees rose 3.2 per cent, which was the highest quarterly rise since December quarter 2006. The private sector wage price index rose 1.2 per cent in the September quarter of 2022, the highest rate of growth since the September quarter of 2010. Compared to a year ago, private sector wages rose 3.4 per cent, the highest annual rate of growth since the December quarter of 2012.

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All-format opener David Warner announced he was withdrawing his application for a review of his lifetime leadership ban.

In a bombshell statement on the eve of the second NRMA Insurance Test against West Indies in Adelaide through his Instagram page, Warner revealed he had applied to have his leadership ban lifted a fortnight ago.

He decried his treatment by an independent review panel commissioned to hear why he should be permitted to lead again.

“ Since that test and even though my bank from leadership roles may never be lifted, I have taken it upon myself to reform, to rehabilitate and to transform my approach to the game.

I have served and been subject to a crushing, unprecedented, penalty that has horribly impacted me and my family for the past nearly five years - without the prospect of any relief until now” .He said.

Cricket Australia recently changed its code of conduct to allow Warner to appeal the lifetime ban on captaining that was handed down to him in the wake of the 2018 Cape Town ball-tampering scandal.

GOOD VIBES

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