The Australian Bureau of Statistics has reported that the economy grew by 0.9% in the June 2018 quarter and by 3.4% over the last year. This was stronger than expectations for a 0.7% increase for the quarter and 2.8% for the year.
“This is a great result and the best annual growth we’ve seen in nearly six years,” said Adam Carr, Chief Economist at the Australian Chamber of Commerce and Industry.
“The economy’s trajectory is clear – it’s growing well above its potential pace and getting stronger. It’s particularly positive that we are seeing a broadening in growth.
“The acceleration in private sector activity has been particularly rapid and that bodes well for job creation and wage growth if it’s sustained.
“In fact, this data is the best indication yet that labour market tightening will persist and that the recent upturn in wage growth will continue – that’s clearly good news for families, for business and for the economy more broadly.
This story was first published in The Fence magazine.