Australia’s economic activity has recovered from the pandemic, with latest figures revealing the nation’s strong rebound from the virus.
Australia’s economic activity has recovered from the pandemic, with latest figures revealing the nation’s strong rebound from the virus.
Australia’s economic activity has recovered from the pandemic, with latest figures revealing the nation’s strong rebound from the virus.
National gross domestic product for the March quarter rose 1.8 per cent and was fuelled by a big surge in private investment and housing.
“With 1.8 per cent growth in the March quarter 2021, Australian economic activity has recovered to be above pre-pandemic levels and has grown 1.1 per cent through the year,” ABS head of national accounts Michael Smedes said.
Private investment contributed 0.9 percentage points to the growth, with machinery and equipment investment recording its strongest quarterly rise since 2009.
Dwelling investment rose 6.4 per cent and was supported by government schemes such as HomeBuilder grants.
Mr Smedes said government packages had supported the major economic indicator to rise above pre-pandemic levels.
“The rise in machinery and equipment investment was widespread and observed in both mining and non-mining industries,” he said.
Household spending increased 1.2 per cent, while spending on services rose 2.4 per cent over the period.
This has been attributed to the easing of restrictions across Australia.
Spending on goods dropped 0.5 per cent but remained well above pre-pandemic levels.