/ 03 March 2022

Our economy brings it home in 2021

Australian money

Go you good thing… The economy has just posted its equal-best quarter of growth in 46 years. The Bureau of Stats released our national accounts yesterday, and it shows that the economy recovered from its -1.9% Delta downer in the July-September quarter to record a 3.4% jump in October-December. That’s the strongest quarterly growth our economy has delivered since March 1976. And looking across the data, despite our COVID ups and downs, our economy is bigger than it was before the pandemic, which is a big relief for policymakers. Towards the end of last year, consumers drove the growth with a 6.3% lift in household spending. The biggest rises were a 24.3% jump in spending in cafes and hotels, as well as a 17% rise in recreation and culture. The end of lockdowns in our 2 most populous states will do that…

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