Invest
Treasurer praises ‘resilient’ national economy
Australian Treasurer Josh Frydenberg has used his press conference at Parliament House to praise the resilience of the national economy despite potent headwinds.
Treasurer praises ‘resilient’ national economy
Australian Treasurer Josh Frydenberg has used his press conference at Parliament House to praise the resilience of the national economy despite potent headwinds.
A stronger than expected bushfire-impacted December quarter has surprised some, with the economy growing by 0.5 of a percentage point seasonally adjusted.
National figures released by the Australian Bureau of Statistics show the Australian economy has now grown by 2.2 per cent for the year.
This led to Mr Frydenberg praising the “resilience” of the economy while attacking those who highlighted its weaknesses.
“This puts to rest the claims by some that the Australian economy was softening at the end of last year,” Mr Frydenberg said.
“The Australian economy remains resilient and continues to defy all those who seek to talk it down.”
However, it was not all good news from the national economy, as domestic demand remained subdued with a 0.1 of a percentage point growth in the December quarter.
A pick-up in household discretionary spending and continued increases in the provision of government services were dampened by falls in dwelling and private business investment.
Falls in dwelling investment continued, declining by 3.4 per cent during the quarter, the sixth consecutive fall.
Household income remained steady, with compensation of employees recording its 12th consecutive rise, increasing by 1.0 of a percentage point during the quarter. This reflects a rise in the number of wage and salary earners as well as a steady increase in the wage rate.
The mining industry provided additional strength to the economy, with growth in production volumes of 1.6 per cent, strengthening through the year to 7.3 per cent. This was reflected in the growth in mining exports and inventories.
Chief economist for the ABS Bruce Hockman said: “The economy has continued to grow and picked up through the year. However, the rate of growth remains below the long-run average.”
About the author
About the author
Economy
Does the RBA boast the right credentials to steer the economy?
With the Reserve Bank of Australia likely to face its first independent review in 40 years, experts believe this could be a chance to bridge the gap between monetary and fiscal policy, but also to boo...Read more
Economy
Will Morrison commit to net zero by 2050?
Prime Minister Scott Morrison has yet again played down the impacts of climate change, referring to net zero as an aggressive and frustrating target. ...Read more
Economy
Consumer confidence holds ahead of reopening
The battle between consumer confidence and caution looks to be on a knife’s edge in the coming weeks. ...Read more
Economy
Unemployment fell again in August, but not for good reasons
Employment and hours worked fell nationally in August, with NSW leading the pack. ...Read more
Economy
ACCC steps in on Qantas-Japan Airlines partnership
Australia’s competition authority says that the short-term benefits of a new partnership between Qantas and Japan Airlines don’t outweigh the long-term costs to competition in the sector. ...Read more
Economy
NAB optimistic on jobs market despite another payroll miss
NAB has expressed confidence in the short-term future of the Australian jobs market, despite payroll jobs decreasing by 0.7 of a percentage point in the last fortnight, following a drop of 1.8 per ce...Read more
Economy
New and improved takeover bid sees Sydney Airport open books
The Sydney Aviation Alliance consortium, led by the IFM Investors, has been granted access to Sydney Airport books after submitting a revised acquisition proposal. ...Read more
Economy
ACCC cites LCR as it gives payment processing merger the go-ahead
The local competition watchdog has given its approval of a merger between three major players in Australia’s payment processing sector. ...Read more
What to expect as the end of lockdown looms? Will the Stage 2 tax cuts boost your tax return? Where should investors be looking as the economy reopens?
Listen now
Could property prices inflate by another 20%? What’s happening in recent dividend announcements? Did your fund fail the YFYS test?
Listen now
What does the NSW regional permit mean for property investors? Who really wins from the BHP-Woodside merger?
Listen now
The sea and tree-change norm; Square’s acquisition of Afterpay; Why you should think twice before turning to TikTok for advice
Listen now
Economy
Does the RBA boast the right credentials to steer the economy?
With the Reserve Bank of Australia likely to face its first independent review in 40 years, experts believe this could be a chance to bridge the gap between monetary and fiscal policy, but also to boo...Read more
Economy
Will Morrison commit to net zero by 2050?
Prime Minister Scott Morrison has yet again played down the impacts of climate change, referring to net zero as an aggressive and frustrating target. ...Read more
Economy
Consumer confidence holds ahead of reopening
The battle between consumer confidence and caution looks to be on a knife’s edge in the coming weeks. ...Read more
Economy
Unemployment fell again in August, but not for good reasons
Employment and hours worked fell nationally in August, with NSW leading the pack. ...Read more
Economy
ACCC steps in on Qantas-Japan Airlines partnership
Australia’s competition authority says that the short-term benefits of a new partnership between Qantas and Japan Airlines don’t outweigh the long-term costs to competition in the sector. ...Read more
Economy
NAB optimistic on jobs market despite another payroll miss
NAB has expressed confidence in the short-term future of the Australian jobs market, despite payroll jobs decreasing by 0.7 of a percentage point in the last fortnight, following a drop of 1.8 per ce...Read more
Economy
New and improved takeover bid sees Sydney Airport open books
The Sydney Aviation Alliance consortium, led by the IFM Investors, has been granted access to Sydney Airport books after submitting a revised acquisition proposal. ...Read more
Economy
ACCC cites LCR as it gives payment processing merger the go-ahead
The local competition watchdog has given its approval of a merger between three major players in Australia’s payment processing sector. ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
