AFP, Sydney :
Australia’s economy grew 0.6 percent in the third-quarter, as business investment lifted despite weak household spending, reflecting the divergence between the two segments, official data showed Wednesday.
The quarterly expansion took the annual rate of growth to a healthy 2.8 percent, slightly below expectations but broadly in line with the central bank’s forecasts, the Australian Bureau of Statistics (ABS) figures showed.
“The solid 0.6 percent growth outcome in the September quarter national accounts has accelerated growth from 1.9 percent to 2.8 percent through the year,” Treasurer Scott Morrison told reporters in Canberra.
“This is above the OECD (Organisation for Economic Co-operation and Development) average and puts Australia back up towards the top of the pack for major advanced economies around the world.”
Australia’s economy grew 0.6 percent in the third-quarter, as business investment lifted despite weak household spending, reflecting the divergence between the two segments, official data showed Wednesday.
The quarterly expansion took the annual rate of growth to a healthy 2.8 percent, slightly below expectations but broadly in line with the central bank’s forecasts, the Australian Bureau of Statistics (ABS) figures showed.
“The solid 0.6 percent growth outcome in the September quarter national accounts has accelerated growth from 1.9 percent to 2.8 percent through the year,” Treasurer Scott Morrison told reporters in Canberra.
“This is above the OECD (Organisation for Economic Co-operation and Development) average and puts Australia back up towards the top of the pack for major advanced economies around the world.”
