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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.”
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