Australian real GDP grew at a faster rate than the OECD average and all G7 nations with the exception of the US, as shown by the Australian Bureau of Statistics in its September quarter results for the national accounts.
In the quarter, the GDP grew by 0.3 per cent and by 2.8 per cent through the year.
New public investment grew by 5.1 per cent in the quarter to be 4 per cent higher through the year. Public spending was funded through increased revenue, the ABS noted.
General government final consumption expenditure increased 0.5 of a percentage point, underpinned by continued expenditure in health, aged care and disability services.
Net exports contributed 0.3 percentage points to the GDP in the September quarter, driven by a fall in imports of 1.5 per cent.
Compensation of employees which records total wages and salaries across the economy, rose by 1 per cent in the quarter to be 4.3 per cent higher through the year.
The unemployment rate fell to 5 per cent.
The increase in wages was consistent with strong employment growth as reported in the latest ABS Labour Force data, as well as a lift in wage rates.” Bruce Hockman ABS chief economist said.
The International Monetary Fund and the OECD have recently praised the country’s economy and Australia’s AAA rating.
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