December quarter 08 - Australia's real net disposable income increases by 1%

I quote from the Reserve Bank of Australia:

A broader measure of change in national economic well-being is Real net national disposable income. This measure adjusts the volume measure of GDP for the Terms of trade effect, Real net incomes from overseas and Consumption of fixed capital (see Glossary for definitions). The graph below provides a comparison of quarterly movements in trend GDP (volume measure) and Real net national disposable income. During the December quarter, trend Real net national disposable income increased by 1.0%, with growth over the past 4 quarters at 6.4% compared to 0.6% for GDP.

So Australians have more money even if GDP as conventionally defined has fallen. My my.

I do not have time tonight to do a proper analysis of the national accounts. I will try to do so tomorrow.