28th year of growth for Australian economy

28th year of growth for Australian economy
28th year of growth for Australian economy

The national accounts release has the GDP up 0.9 percent in the June quarter, after growing 1.1 percent in the March quarter.

Annual economic growth rose from 3.1 percent to 3.4 percent, the strongest growth rate in almost six years.

It's the 28th consecutive year of growth, Commsec's Craig James said.

The Australian economy expanded at its fastest pace in nearly six years - well above the consensus forecast among economists.

Economists had tipped the national accounts would show 0.7 percent in growth in the June quarter.

CommSec's Craig James says there are good reasons to expect the expansion to continue for some time to come.

"We wouldn’t quibble with the Reserve Bank’s expectation of 3.25 per cent growth during 2018/19 – already the economy is growing at a faster rate," he said.

The biggest contribution to growth came from household consumption, which was up 0.4 percent. 

The new Josh Frydenberg treasurer said the result reflected strong household consumption with spending up in 12 of 17 categories, showing the benefits of "recent strong jobs growth."

 

 

Joel Robinson

Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and the economics and finance behind buying and selling real estate.

Tags: 
Economic Growth Gdp Growth

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