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Finance Minister Jim Chalmers said 0.4 per cent growth in the economy during the September quarter was “very encouraging”, dismissing concerns that growth might be too slow.
“The reason the quarterly figure is a few ticks below what the market was expecting is because they had made an upward revision in the quarter before that and also because of the impact of so-called stocks, particularly when it comes to coal and gold,” Chalmers told the ABC this afternoon.
“Overwhelmingly, these are very positive, very encouraging figures, and the main reason for that, the big story behind these figures, is the resurgence in private investment, whether that’s new business investment or residential investment. In fact, the standout results from these national accounts are the way the private sector is growing really quite strongly, and that’s driving growth in the quarter and over the year.”
Private investments were the driving force of growth this quarter. The Australian Bureau of Statistics showed growth rose to 2.1 per cent last year.
Read more from our senior business correspondent Shane Wright here.
