Australian economy goes from strength to strength
9 December 2011
Australia's economy soared in the September quarter, recording GDP growth of 1 per cent despite a year of natural disasters and global economic instability.
Investment in Queensland and Western Australia, and growth across Australia’s construction and mining sectors, are driving Australia’s growth, with GDP up 2.5 per cent through the year.
According to the figures released by the Australian Bureau of Statistics (ABS) this week, Australia's Terms of Trade has also grown by 2.7 per cent following a 5.8 per cent increase in the June quarter.
Australia's Treasurer, Wayne Swan, said the ABS figures underscored the resilience of Australia's robust economy.
"These figures are a resounding vote of confidence in our economy at a time when many advanced economies are struggling to grow at all," Mr Swan said.
"While fragile global conditions are clearly weighing heavily on confidence, trade and financial markets, Australia's economy is once again proving to be resilient."
The Treasurer’s comments reaffirm the latest Economic Outlook from the Organisation for Economic Cooperation and Development (OECD) which forecasts a strong Australian economy over the next two years.
Bolstered by proactive investment, strong exports, high terms of trade and Australia’s mining boom, the OECD expects the Australian economy to grow by 4 per cent in 2012 and 3.2 per cent in 2013.
According to the ABS Private New Capital Expenditure and Expected Expenditure survey, businesses are expected to spend A$158 billion on capital expenditure in 2011-12, with expenditure for the mining industry around 60 per cent higher than the corresponding estimate for 2010-11.
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