Continuing its record-breaking streak of uninterrupted economic growth, Australia has posted modest growth in the first quarter of the new financial year.
Figures from the Bureau of Statistics (ABS) show the Australian economy grew by 0.6 per cent for the September quarter, with 17 of the 20 recorded industries registering growth.
Powering the growing industries was the “other services” category, which posted 2.2 per cent growth in the quarter. This was followed by electricity, gas, water and waste services, which grew by 1.9 per cent.
Mining showed a considerable pick-up over the last 12 months, surging by 5.2 per cent — beaten only by the 6.0 per cent growth in professional, scientific and technical services.
The biggest fall in the September quarter was in agriculture, forestry and fishing, which declined by 4.1 per cent. This led the sector to be the only one to have contracted over the last year, down by 0.7 per cent since the September quarter of 2016.
Among the other sectors easing in the most recent quarter, rental, hiring and real estate services slipped by 1.6 per cent, while information media and telecommunications fell by 1.3 per cent.
However, it wasn’t all good news for overall growth, with increased activity in business investment and public infrastructure offsetting a measly 0.1 per cent increase in household consumption.
This came despite compensation for employees increasing by 1.2 per cent for the quarter and 3.0 per cent over the past 12 months.
“The increase in wages was consistent with the stronger employment and hours worked data that has been reported in the labour force survey,” said ABS chief economist Bruce Hockman.
- Reader’s thoughts: Big business tax cuts a big waste of time
By Adam Zuchetti
- Opinion: The people Joyce forgot in his apologies
By Adam Zuchetti
- Is it okay to shout at your employees?
By Geoff Baldwin