Newsletter
September 2018 Newsletter
Aussie shoppers power up the Australian economic growth
Did you know that the:
• Australian economic growth rose by 0.9% in the June quarter which was higher than expected
• Growth was powered by everyday Australian households and the government who contributed to 2/3 of the rise
• Upside growth of this will result in a year end growth of 3.4% which is the fastest in nearly 6 years
According to the ATO, this surge in the economy surprised a majority of the officials with the GDP growing to 0.9%, which allowed for the seasonal high. It is predicted that there would be another increase for our economy next quarter if the GDP stays well above the 3.25% mark. That ultimately means more consumers wanting to spend more money.
This type of increase was mainly due to the amount of spending that was being done by households, as the rate of consumption for the individual home has constantly been increasing. Now with wage growth seen to rise by approximately 2.1% in the next year, it will result in even more spending by the Australian communities.
Read the full article at Business Insider here: https://www.businessinsider.com.au/australia-economy-q2-gdp-report-2018-9