/ 04 March 2021

Economy lifts, but still behind for the year

Go you good thing… The Aussie economy delivered an “extraordinary” 3.1% rate of growth for the December quarter. It means that for the first time since the Bureau of Stats began recording GDP data in 1959, Australia’s economy has grown by more than 3% for 2 consecutive quarters. Yay… The gains were led by a strong agriculture sector (thanks La Niña…), as well as increases in consumer spending and the government’s great big stimulus items like JobKeeper. But the ongoing pandemic meant that the economy still shrank by 1.1% in 2020. Boo… Despite experiencing the first recession in nearly 30 years following the coronavirus outbreak, we recovered 85% of the losses by December. Which is something…

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