The National Accounts figures released today show economic growth of 0.6% in the June quarter. The annualised growth rate if 3.7%.
Treasurer Wayne Swan said the figures showed that Australia’s economy grew faster than every single major advanced economy, not only in the June quarer but over the year to June.
Australia has now completed 21 years of consecutive economic growth.
- Listen to Swan’s press conference – transcript below (18m)
Media statement from Treasurer Wayne Swan.
Today’s National Accounts reaffirm Australia’s position as one of the strongest economies in the world, and shines a light on our ongoing resilience in the face of significant international headwinds.
Gross Domestic Product rose by a solid 0.6 per cent in the June quarter, which builds upon exceptional growth in the March quarter, revised up to 1.4 per cent. This takes Australia’s growth performance to a robust 3.7 per cent through the year.
The National Accounts show the Australian economy grew faster than every single major advanced economy both in the June quarter and over the year to June, and has successfully completed a stunning 21 consecutive years of economic growth – a feat not matched by any other advanced economy over this period.
Australia’s economic performance in the June quarter was even more impressive against a backdrop of worsening global conditions, including a contraction in the euro area, moderating growth in the United States and the return of financial market turbulence.