The Australian economy remains surprisingly resilient, growing at 3.3 per cent over the year to 30 June, according to yesterday's National Accounts.
The National Accounts data, released by the Australian Bureau of Statistics (ABS), showed that gross domestic product (GDP) grew 3.3 per cent throughout the year to 30 June.
Throughout the June quarter GDP grew 0.5 per cent, a slowdown compared with the March quarter figure of 1 per cent but above market expectations.
"GDP growth in the June quarter was driven by domestic final demand, which rose 0.6 per cent this quarter, supported by ongoing growth in household and public consumption," said the ABS.
"Total investment was flat in the quarter, with the continued reduction in engineering construction associated with the mining sector offset by growth in public investment," it said.
Treasurer Scott Morrison noted that the National Accounts data confirmed 2015-16 was Australia's 25th consecutive year of economic growth, and the fastest rate of growth for four years.
"The Australian economy continues to perform strongly in the face of global challenges and strong headwinds," Mr Morrison said.
"Today’s National Accounts once again confirm the successful transition being managed in our economy from the largest resources investment boom in our history to broader-based growth.
"But we must continue to take action to strengthen our economic resilience to deal with the likelihood of externally driven shocks.
"This is why the government is committed to arresting the level of government debt by returning the budget to balance through disciplined expenditure restraint and a tax system that supports growth and provides sustainable revenue," he said.