Wednesday’s September quarter national accounts release did not make for a pleasing read. Growth was slow (probably slower than the Reserve Bank of Australia (RBA) forecast) but inflation remains high, albeit consistent with indications from the September quarter consumer price index (CPI) release. Productivity growth recovered in the quarter but strong growth in labour costs saw unit labour costs increase by 2.2 per cent in the quarter to remain at an elevated annual 6.4 per cent.

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