Australia nearing world record for growth

Vickie Mathis
00:59, Sep 8, 2016
Copyright 2015 All rights reserved. This material can't be published, transferred, copied or redistributed.
Copyright 2015 All rights reserved. This material can't be published, transferred, copied or redistributed.

The National Accounts data, released by the Australian Bureau of Statistics (ABS), showed that gross domestic product (GDP) grew 3.3 per cent throughout the year to 30 June.

In June this - the end of the second quarter - there were 149,803,714 subscribers compared with 148,775,410 in June previous year, which represents an increase of 0.69 per cent.

Over the three months, they took 0.2 percentage points from GDP, but were offset by a 1.9 percent rise in government spending, and a whopping 15.5 percent jump in public investment.

Capital Economics chief Australia economist Paul Dales said the quarterly growth was "a good result" and should ease pressure for further interest rate cuts.

Treasurer Scott Morrison applauded the achievement, but said this was not the time to be complacent.

Also on Wednesday, the Australian Industry Group said that the construction sector in Australia turned back to contraction in August with a Performance of Construction Index score of 46.6.

"Obviously, with growth dominated by government spending and net exports but only moderate ongoing gains in consumption and housing, some will argue the economy has a soft underbelly", the UBS team said in a note.

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Government investment -- like defense spending -- has also been a reason for the country's recent economic success.

However, he embraced the rise in public infrastructure spending. "We continue to fight for every inch of growth".

June quarter growth of 0.5 per cent, seasonally adjusted, was half the pace of growth seen in the March quarter.

The share of telecoms in total real GDP had declined throughout 2010 to 2014, but for the last five quarters growth in the sector has been higher, meaning the trend has reversed. State final demand grew 3.4 per cent in Victoria, 3.6 per cent in Queensland, 1.7 per cent in South Australia, 1.9 per cent in Tasmania and 6 per cent in the ACT.

"The result today once again shows the Australian economy is taking ground, we continue to fight for every inch of growth in a very hard and challenging global economy", Mr Morrison told reporters in Canberra.

That was due to very weak (0.7 per cent) annual growth in hours worked and the slow 2.1 per cent rise in wages over the past year. Australia's net foreign debt liabilities increased $22.7 billion (two per cent) to a net liability position of $1,044.5 billion. Between June 2015 and June 2015, the number fell from 2,105,981 to 454,092, a decrease of 78.44 per cent.

Copyright 2015 All rights reserved. This material can't be published, transferred, copied or redistributed.


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