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Category: Economic Trends

Australian economy grows 3.3pc over past year

Wednesday, 7 Sep 2016 09:33:52 | Michael Janda

Infrastructure projects, such as Sydney's WestConnex, boosted GDP. (ABC News)

Australia's economy grew by 3.3 per cent over the year to June, matching economist forecasts and putting GDP growth slightly above average levels.

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

The Bureau of Statistics said a continued fall in resources sector construction was offset by public investment, such as in transport infrastructure projects, which contributed 0.7 percentage points to the quarter's economic growth.

Growth in gross domestic product (GDP) was also supported by continued growth in household and government consumption expenditure, which contributed 0.2 and 0.3 percentage points to growth respectively.

This rising consumption resulted in a strong growth of imports during the quarter, while a slowing rate of growth for exports saw Australia's trade position detract 0.2 percentage points from June quarter GDP growth.

The June quarter National Accounts also brought some welcome news for businesses, households and governments, with Australia's terms of trade - the price the nation receives for its exports relative to what it pays for imports - rising for the first time in two-and-a-half-years.

The terms of trade rose 2.3 per cent in seasonally adjusted terms, providing a boost to corporate profits.

It also drove a 1 per cent quarterly rise in trend real net national disposable income, which outpaced the rise in real GDP.

Although, the annual rise of 2.1 per cent in real net national disposable income still trailed the trend 3.1 per cent annual rise in GDP.

More to come.

AustraliaPlus


 

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