/ 08 September 2022

A bumpy year of growth

Image source: Getty
Image source: Getty

Australia’s economy grew 3.6% in the 2021-22 financial year with the final April-June quarter delivering growth of 0.9%, which was ahead of analysts’ expectations. To say it’s been a difficult 12 months would be like saying it’s not a good idea to get a haircut while courtside at the US Open – both are massive understatements… During July-September 2021, Sydney/Melbourne were in Delta-inspired lockdowns. In October-December, we emerged but our borders were closed. During January-March this year, we were getting into gear but Omicron knocked us around. And April-June saw huge lifts in exports and consumer spending despite 3 interest rate rises. Treasurer Jim Chalmers is wary… “Today’s national accounts reflect an economy which is rebounding from the disruptions of the pandemic, but it’s still being held back by capacity constraints, skills shortages and declining real wages,” he said. And that, dear Squizer, is called pre-Budget expectations management…

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