How did the economy grow in the middle of a pandemic
The Australian economy grew in the June quarter easing fears of a double dip recession as household and government spending helped boost the GDP.
Figures released by the Australian Bureau of Statistics on Wednesday showed the economy expanding by 0.7 per cent through the June quarter, taking annual growth to an all-time high of 9.6 per cent.
The stronger than expected results came on the back of state government spending on hospitals, railways and roads, federal government vaccine stockpiling and households continuing their COVID-era cash splash on things like renovations.
But the figures pre-date the majority of the lockdowns the country has been experiencing this winter, leading economists to warn the September quarter results aren’t likely to be as strong.
Today on Please Explain, senior economics writer Shane Wright joins Nathanael Cooper to explore what helped boost the economy last quarter.
Our supporters power our newsrooms and are critical for the sustainability of news coverage.
Becoming a subscriber also gets you exclusive behind-the-scenes content and invitations to special events. Click on the links to subscribe to The Sydney Morning Herald or The Age.
Most Viewed in National
Source: Read Full Article