Receive the latest mybusiness news
Copyright © 2020 MOMENTUMMEDIA

Economy posts broad growth in September quarter

Adam Zuchetti
Adam Zuchetti
06 December 2017 1 minute readShare
Economy growth

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.

Economy posts broad growth in September quarter
mybusiness logo
Adam Zuchetti
Adam Zuchetti

Adam Zuchetti is the former editor of MyBusiness and a senior freelance media professional, specialising in the fields of business, personal finance and property. In 2020, he also embarked on his own business journey – inspired in part by the entrepreneurs and founders he had met through his journalistic work – with the launch of customised pet gifting and subscription service Paws N’ All.

Leave a Comment

Latest poll

How satisfied are you with the SME measures in the federal budget?