Australiaā€™s economy still growing but losing steam

KEY TAKEAWAYS FROM THE NATIONAL ACCOUNTS

* The economy grew by 0.4 per cent over the June quarter, and 2.1 per cent through the year (based on a calculation that excludes part of the recovery from lockdowns)

* This represented a steady quarterly result after the Australian Bureau of Statistics revised the March results up from 0.2 per cent to 0.4 per cent. On an annual basis, the rate of growth has slowed from 2.4 per cent through to March.

* On a per person basis, growth fell 0.3 per cent, marking the second month in a row of negative per capita growth after it sank 0.3 per cent in the three months to March. The population has been growing strongly since borders reopened.

* Household spending grew by a modest 0.1 per cent as cost of living pressures took a toll. Spending on nice-to-haves fell 0.5 per cent in the June quarter, which was the third quarterly fall in a row.

* The household saving ratio declined to 3.2 per cent, its lowest level since mid-2008, with Australians struggling to squirrel money away.

* The total income received by households rose 1.8 per cent, with the amount people received in their pay packets lifting 1.6 per cent.

* Public investment rose 8.2 per cent during the quarter, bolstered by spending on projects such as the Western Sydney Airport and Snowy 2.0.

* New private investment increased 1.6 per cent as supply chain disruptions cleared up and new cars and other equipment arrived after long delays.

* Total investment in dwellings fell 0.2 per cent during the quarter due to a slowdown in renovations.

* Exports of goods and services rose 4.3 per cent, fuelled by a pick-up in mining commodities, international student arrivals and tourists.

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Poppy Johnston
(Australian Associated Press)

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