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More time at home means many Australians now have the opportunity to re-assess their lifestyle and spending habits and set some serious saving goals. So how can you actually go about it?

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In this episode of The nestegg Podcast, host Grace Ormsby is joined by Melbourne-based Reventon’s Billie Christofi to talk all things finance and the impact of isolation on our hip pockets.

In stage 4 lockdown, Billie shares the importance of going back to basics when it comes to budgeting, methods to re-assess spending habits, and some of the less conventional ways people can boost their wealth at this time.

Thanks Billie, for sharing your insights with the nestegg podcast team!

Have an investment story to share? Get in touch at [email protected] and you might get featured on an upcoming episode!

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Economy growth at ’91 recession levels

By Cameron Micallef

September 04 2019
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Invest

Economy growth at ’91 recession levels

By Cameron Micallef
September 04 2019

The Australian economy has had its worst year of growth since the 1991 recession, national figures have shown.

Economy growth at ’91 recession levels

By Cameron Micallef

September 04 2019
Share

The Australian economy has had its worst year of growth since the 1991 recession, national figures have shown.

The latest figures from the Australian Bureau of Statistics (ABS) suggested that Australia’s growth rate is now worse than it was during the global financial crisis, where the economy grew by just 1.7 per cent over a 12-month period.

Current data showed that Australia has experienced growth over the last year of just 1.4 per cent.

Chief economist at the ABS, Bruce Hockman, cited strong mining performance as the main driver of growth for Australia in the quarter.

Mining, both gross and value-added, increased 3.4 per cent, with strong production of coal and liquefied natural gas leading profits to rise by 10.6 per cent.

This was driven by strong export growth and a continued rise in the terms of trade, according to the ABS.

Mining investment also rose by 2.4 per cent, with increases in investment in machinery and equipment.

“Net exports contributed 0.6 percentage points to growth this quarter, reflecting strong exports of mining commodities,” Mr Hockman also noted.

He added that “strength in mining-related activity was seen across a number of measures in the economy”.

On the domestic front, government spending was the main contributor to growth through delivery of services in disability, health and aged care.

Growth in the household sector remained subdued, with a 0.4 per cent growth in household expenditure.

In contrast, dwelling investment declined by 4.4 per cent for the quarter.

Compensation of employees grew 1.3 per cent for the quarter, due to rises in the number of wage and salary earners and wage rate.

The ABS noted that this growth was driven primarily by the healthcare and social assistance industry.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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