Australian 3rd Quarter GDP Rose 0.2%

December 18, 2009 Taxation in Australia

Financial crisis will hurt jobs, Swan warnsNations across the globe are facing a period of contracting GDP figures, though Australia has reported another quarter of continued growth. The latest Australian National Account release shows that the country’s GDP figure rose by 0.2 percent during the previous quarter.

On December 16th, the Australian Bureau of Statistics (ABS) released the country’s National Account report for the September Quarter. The report figures show that the seasonally adjusted GDP figure rose by 0.2 percent compared to the June quarter, and 0.5 percent compared to the same quarter in 2008. The Australian Treasury estimates that the Government’s fiscal stimulus package added 0.4 percent to the September growth figure. According to Wayne Swan, Treasurer of Australia, through the Government’s ongoing support the country has continued to outperform and outgrow nearly all other developed economies. He went on to say that without a Government stimulus package, Australia would not have been able to maintain its position as one of few nations worldwide with a positive GDP figure for the year up to September.

The September National Account release shows that seasonally adjusted household consumption rose by 0.7 percent for the quarter, and 1.9 percent compared to same period in 2008. For the first time in 2009, dwelling investment rose by 0.3 percent during the quarter. Exports and imports were the largest negative contributors to GDP, with seasonally adjusted figures of -0.5 percent and -1.1 percent, respectively.

According to Wayne Swan, the National Account release clearly shows that the Australian economy is improving. Though the figures also indicate that the growth is not yet self-sustaining, and that the Government’s fiscal stimulus package remains crucial for Australia’s position as a global growth leader.

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