“The increase in wages is consistent with stronger employment data reported in Labour Force, as well as a lift in the growth rate in the wage price index observed over the past two quarters.” Mr Hockman added. Household consumption rebounded to 1.0 per cent this quarter with strength recorded in discretionary spending on hotels, cafés and restaurants and recreation and culture. Private investment detracted from growth due to a decline in dwellings and a sharp fall in new engineering construction. However, private investment in machinery and equipment remained strong, as did construction of non-residential buildings.
Australian GDP grew by 0.4% in Q4
- Wednesday, Mar 07 2018
The Australian economy grew 0.4 per cent in seasonally adjusted chain volume terms in the December quarter 2017, according to figures released by the Australian Bureau of Statistics (ABS) today. Chief Economist for the ABS, Bruce Hockman, said: “Growth this quarter was driven by the household sector, with continued strength in household income matched by growth in household consumption.” Compensation of employees (COE) increased 1.1 per cent in the December quarter, the fourth consecutive quarter of solid growth.