Economy expands 0.3 per cent in September quarter
Dec 04, 2024
Sydney [Australia], December 4: The economy expanded 0.3 per cent through the September quarter, a minor improvement on the 0.2 per cent growth in the three months to June.
The quarterly increase fell short of the 0.5 per cent gain that was expected.
Over the year, the economy grew 0.8 per cent, down from one per cent in June and below the 1.1 per cent consensus forecast.
Australian Bureau of Statistics head of national accounts Katherine Keenan said the Australian economy grew for the twelfth quarter in a row but has been slowing since September 2023.
The strength this quarter was driven by the public sector, with both government consumption and public investment contributing to growth
The prolonged fight against rising prices has taken a toll on the economy, leading to a series of weak growth readings.
Though economic activity is expected to improve over time as tax cuts, easing inflation and real wage gains support household incomes.
Source: Fijian Broadcasting Corporation
