Feb 25, 2018 Last Updated 10:02 AM, Feb 23, 2018

New Entry From the Editor :

Australia slips to second place in mining investment attractiveness ratings

Australia slips to second plac…

AusBN - Australia has fallen to second place in the Fraser Institute’...

Wesfarmers reports 87% H1 profit plunge on business write-downs

Wesfarmers reports 87% H1 prof…

AusBN - Wesfarmers (ASX:WES) has reported an 86.6% nose-dive in its H1 net ...

Australian female labour force participation reaches record high

Australian female labour force…

AusBN - Australia’s female labour force participation rate reached a ...

Australia’s economy grows 0.8% in June quarter

Currency data on a computer screen AusBNAusBN - Australia’s economy expanded by 0.8% in the June quarter, boosted by increased domestic spending and growth in several key industries, in spite of fluctuating commodity prices.

According to latest figures from the Australian Bureau of Statistics (ABS), domestic spending increased by 1% during the June quarter, based on a 0.7% growth in household consumption, while expenditure on food, clothing and household furnishings also increased.

The manufacturing industry saw a growth of 1.8% and sectors relating to the providing of business services, including financial and insurance services, also recorded above trend growth.

However, lower coal and iron ore prices meant the exporting sector suffered a 6.0% decline, which impacted the national GDP as commodity company profits were generally more subdued during the quarter.

Chief Economist for the ABS, Bruce Hockman said: "Recent swings in coal and iron ore prices have had significant effects on the Australian economy in terms of export revenues and real incomes, though export volumes continued to grow in the June quarter.

“Dwelling construction remains at elevated levels, although new residential building approvals are on the decline."

The ABS also stated that growth for the 2016-17 financial year stood at 1.9%.


This Month's Issue

v3i2 cover web


rgn web banner

abn web banner

Recent Tweets