Business & Finance / 02 December 2021
Blowing off the economic cobwebs
If you need reminding, Greater Sydney and Melbourne (with guest star appearances from other cities/regions) were in lockdown for all/a good part of July-September. What’s the damage? Our gross domestic product (aka all activity across the economy) fell 1.9% in the quarter – the 3rd biggest fall on record. Economists expected a 2.7% dip, so that’s something… Staying with the glass-half-full theme, the economy is forecast to recover the lost ground between October and December. And while we’re talking economic indicators, a new month brings new data on housing prices, and November saw a rise for the 14th-straight month. One change: the pace of growth was the slowest since January, leading analysts to think that the latest boom may be nearing a peak. Sea/treechangers continue to bump up regional home prices – they were up 2.2% compared to the capital cities’ 1.1% rise in November.
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