As household consumption drove Australia’s bottom line, the country’s economy grew by 0.9 percent in the June quarter. The report from the Australian Bureau of Statistics (ABS) also showed a growth of 0.6 percent in the expenditure on essential and non-essential goods.
According to the Nine, the general government final consumption spending raised by one percent. The public investment in terms of the country’s infrastructure also saw an increase. The general level of salary that is paid to the employees also grew by 0.7 percent for that quarter. The health care and social assistance industry saw the maximum gains in terms of employee compensation.
The Chief Economist for the ABS, Bruce Hockman, said that the nation’s Gross Domestic Product increased due to the strength of household expenditure. Due to the growth in domestic demands, there is a growth in the GDP, he said.
Hockman said that on a yearly average basis, the nominal GDP rose by 4.7 percent while the forecast was 4.25 percent.
The Household Saving Ratio is the money coming into and leaving an average home. As per the report, the ratio has come down by one percent in the June quarter.
The Treasurer for ABS, Josh Frydenberg, said that he was happy to see the nation’s growth figures. He said that the Austrade’s population increased by a whopping 1.6 percent in the last year. There is a growth in household investment, business investment, and government spending, he said.
Frydenberg said that there is a very strong confidence in the Australian economy. The growing economy is leading to growth for homes, infrastructure, and consumer spending, leading to growth in population.
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Australia’s economy storms ahead in the June quarter
Posted on October 22, 2018