AusBN - Australia’s annual economic growth rate has risen to 2.8% after it was boosted by an improved performance in the recent September quarter.
The national economy expanded by 0.6% in the quarter, which was just short of the 0.7% growth rate predicted by economists, but a significant rise on the 0.4% contraction which reverberated around the economy in the September 2016 quarter.
The subsequent dropping out of the September 2016 quarter result was a significant driver of the improved annual growth figure, with the current rate just shy of 3% taking Australia close to what is considered average levels of economic expansion.
Australia’s economic growth was based on increased activity in both public and private sectors during the last quarter, with private business investment and public infrastructure the main drivers of growth.
Although public investment declined in the quarter, Treasurer Scott Morrison said it remained strong on an annual basis. "New public investment was up 12.6% over the year, with defense investment up 31% over the year," he said.
Morrison added that full-time employment levels have been boosted over the last year, with an increase of more than 1,000 jobs a day.