The need for speed on GDP
We've managed to move to monthly inflation data releases - why not GDP data too?
The Australian economy expanded 0.4% in the three months to June in what Treasurer Jim Chalmers described as a steady result in the "face of unrelenting pressure".
“We are not and will not be immune from a slowdown in China,” he said at a press conference in Parliament on Wednesday, after the figures confirmed a per-capita recession (that is, two consecutive quarters were the economy has shrunk relative to growth in the population).
But Chalmers is well aware the pressure on the economy has worsened in the two long months since June. The Reserve Bank, which met on Tuesday to make its decision for September’s interest rate settings, is also aware of this.
So why don't we have more up-to-date data?
We live in a volatile world where policymakers and experts are regularly warning of the careful balancing act we must perform.
