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Economy ‘sputtering’ but not sick

  • September 09 2019
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Invest

Economy ‘sputtering’ but not sick

By Cameron Micallef
September 09 2019

Despite Australia’s GDP growth having the weakest year-end outturn since the September quarter of 2009, the effect of the numbers have been misinterpreted, according to a government investment body.

economy sputtering but not sick

Economy ‘sputtering’ but not sick

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  • September 09 2019
  • Share

Despite Australia’s GDP growth having the weakest year-end outturn since the September quarter of 2009, the effect of the numbers have been misinterpreted, according to a government investment body.

economy sputtering but not sick

According to the Queensland Investment Corp (QIC), those comparing the Australian economy today to the global financial crisis are misinterpreting the available information.

By September 2009, the worst of the GFC was over, with positive growth for most developed nations occurring, the QIC said.

While there is no doubt that the Australian economy is undergoing a soft patch, and risks to the outlook are plentiful, it is premature to make comparisons with the GFC, it said.

The QIC was also quick to highlight that despite weaknesses, the economy is in a stronger position than it has been previously.

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The unemployment rate peaked at 6.3 per cent in 2014, inflation hit its low point in 2016, and consumer spending experienced three quarters of negative growth over the last three quarters of 2008. 

Economy ‘sputtering’ but not sick
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About the author

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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 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.

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