Australia is now technically out of its COVID recession, following positive growth figures released by the Australian Bureau of Statistics today.
The economy grew 3.3 per cent in the September quarter, on the back of a 7 percent contraction in the June quarter.
New data from the ABS shows a massive surge in consumer spending, with the accommodation and food services growing a whopping 41 percent between June and September, while arts and recreation was also up 14.7 percent.
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Analysts were predicting growth of around 2 percent, and say our response to the pandemic is the reason we’re ahead of the world.
Australia’s spend on frontline health services was able to stay lower that most other countries, while we were also able to keep the construction industry kicking despite various lockdowns.
The economic growth does mean that Australia is technically out of a recession, but Treasurer Josh Frydenberg says we’re not out of the woods just yet.
Victoria’s economy was the only one to contract within the state, with the Treasurer predicting that if they’d recovered in line with the rest of the country, our quarterly growth rate could have been closer to 5 percent.
Treasurer Josh Frydenberg is also extremely happy with the unemployment figures.
The tourism sector continues to be hit hard, with international borders closed. But the treasurer says this provides an opportunity for domestic tourism to grow.