Economic growth weaker than expected

The Australia economy grew by only 0.2% in the September quarter, according to the latest figures from the Australian Bureau of Statistics.

The result is well below the general expectations of many economists who thought the increase would be more like 0.5%.

On an annual basis, our growth was 2.7% to September 30th, while analysts predicted booming growth for the year would be more like 3.5%.

Does this mean our economy is faltering? Not really…

CommSec economist Craig James says that while the growth was modest, growth is now in its 19th consecutive year – a point that should be praised.

“How many countries can claim to have notched up 19 consecutive years of economic growth. You’d be scratching to find any country apart from Australia in this elite club. No doubt there are challenges ahead to maintain the extraordinary run of prosperity, but clearly you would want to be in Australia’s shoes as opposed to any other advanced nation.”

“The challenge will be to expand productive capacity and take on more foreign workers to ensure that the economy doesn’t hit the wall.”

What this does mean though is that the RBA will not be in as much of a hurry to raise interst rates next year.


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