GDP Plunged 7% in the June quarter | ASX Market Update

2 min read | September 02, 2020 04:38 AM EDT | By Team Kalkine Media

Google News:

Recent News

Canadian Energy Stocks Enter Spotlight As Market Selectivity Rises

TSX Energy Stocks Shape Canada Market Mood This Month

Why TSX Industrial Stocks Matter In Canada’s New Market Cycle?

Industrial Stocks On TSX Signal Fresh Market Opportunities Ahead

Make Kalkine Media
My Trusted Source

GDP of Australia declined 7% in the June quarter after a fall of 3% in the March quarter of 2020. The latest decline in GDP is the biggest quarterly fall on record. The drop was led by the combined effect of the COVID-19 pandemic and associated containment policies. Private demand weakened 7.9 percentage points from GDP led by a 12.1% drop in household final consumption expenditure. Public demand added 0.6 percentage points to GDP, propelled by health spending by the government while Net trade added 1.0 percentage points to GDP. Record high subsidy payments of $55.5 billion were made and lower tax income was received by the government amid COVID-19

The trade conflict between China and Australia has escalated after the communist nation slapped a ban on the most prominent West Australian grain exporter CBH Grain PTY Ltd after disputed claims pests were found in multiple shipments. However, the grain cooperative claims that there is not any proof to support the declare. CBH stated that the suspension had been put in place and the exporter shall continue to work with the government of Australia to challenge the suspension.

ACCC updated that due to COVID-19, the average petrol prices in the June 2020 quarter dropped to their lowest level in 21 years in real inflation-adjusted terms. However, the gross margins were at record highs. As per ACCC’s recent petrol monitoring report, the average retail price for petrol in the June quarter was 109 cents per liter in places like Sydney, Melbourne, Brisbane, Adelaide, and Perth.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Incorporated (Kalkine Media), Business Number: 720744275BC0001 and is available for personal and non-commercial use only. The advice given by Kalkine Media through its Content is general information only and it does not take into account the user’s personal investment objectives, financial situation and specific needs. Users should make their own enquiries about any investment and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media is not registered as an investment adviser in Canada under either the provincial or territorial Securities Acts. Some of the Content on this website may be sponsored/non-sponsored, as applicable, however, on the date of publication of any such Content, none of the employees and/or associates of Kalkine Media hold positions in any of the stocks covered by Kalkine Media through its Content. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used in the Content are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used in the Content unless stated otherwise. The images/music that may be used in the Content are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.