Australia’s economy hits $1.8 trillion

Latest figures from the Australian Annual National Accounts have revealed that the size of the economy has reached over AUS$1.8 trillion, a 2.8% increase in the 2017-18 financial year.

The largest industries in the Australian economy in 2017-18 were financial and insurance services, mining, construction and health care and social assistance, which together represented over 30% of the economy.

In particular, the mining industry has seen its capital stock more than double over the past decade, reflecting strong investment in the sector during this period.

Australian Bureau of Statistics (ABS) chief economist Bruce Hockman, said: “The Annual National Accounts provides further insights on the structure of the economy, using the latest economy wide supply-use data.

The annual growth rate is consistent with the quarterly growth rates published for the June quarter. Australia has now recorded its 27th consecutive year of economic growth and is performing above the 10-year average growth of 2.6%,” he added.