Australia’s Economy Bounces Back

Australia’s economy grew at a slower pace than forecast in the three months to the end of September, despite private business investment and public infrastructure supporting broad growth.

The country’s gross domestic product grew 0.6 per cent quarter on quarter in the third quarter, according to the Australian Bureau of Statistics. .

The treasurer, Scott Morrison, says the result is “an encouraging set of numbers” and shows the wisdom of the government’s decision to focus on investment. Average labour earnings increased by just 0.3% in the quarter and 0.6% over the year, and household disposable income rose by just 0.5% and 1.8% over the year, barely above the rate of inflation.

He said Australia’s economy was growing faster than the average growth rate of Organisation for Economic Cooperation and Development countries (at 2.6%), putting the economy “back up towards the top of the pack of major advanced economies”.

Sources: Australian Bureau of Statistics