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Australia registers fastest economic growth since 2012

Wednesday's figures are more upbeat than Treasury and the Reserve Bank forecasts would suggest.

economy
Source: Getty Images

1 min read

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By Mosiqi Acharya

Source: AAP



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The economy enjoyed its fastest pace of quarterly economic growth in four years.

That lifted the annual pace of growth to 3.1 per cent, the strongest in more than three years.

Prime Minister Malcolm Turnbull was obviously chuffed by the result, enforcing his election mantra of "jobs and growth".

"So far, so good," he told reporters in Brisbane.

He said the strong growth figures didn't happen by accident and requires a clear economic plan and strong economic leadership.

"We are seeing strong growth in jobs but we are seeing, however, signs that we cannot be complacent."

Exports made a solid one percentage point contribution to growth, while household consumption provided more modest support of 0.4 percentage points.

This helped to offset weak business investment.

Wednesday's figures are more upbeat than Treasury and the Reserve Bank forecasts would suggest - both predicting growth of 2.5 per cent for this financial year that ends on June 30.

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