Wednesday, March 22, 2023

Australia’s Economy Bounces Back to Growth on Household Spending By Bloomberg


© Bloomberg. Construction workers gather outside Sydney Opera House in Sydney, Australia, on Tuesday, Oct. 13, 2020. Australia last week released a fiscal blueprint that pushes debt and deficit to a peacetime record just hours after the central bank signaled a willingness to ease further as both arms of policy press to drive down unemployment. Photographer: Brent Lewin/Bloomberg

(Bloomberg) — Australia ‘s economy bounced back to growth in the three months through September as household spending surged and the government maintained its support.

Gross domestic product expanded 3.3% from the second quarter, when it tumbled by 7%, the Australian Bureau of Statistics said in Sydney Wednesday. Economists had forecast a 2.5% expansion. From a year earlier, the economy shrank 3.8% versus an estimated 4.4% contraction.

The Australian dollar edged up after the report, trading at 73.87 U.S. cents at 11:34 a.m. in Sydney from 73.78 cents before the data.

The renewed expansion shows how resilient the economy was outside the southeastern state of Victoria, which was under one of the world’s toughest lockdowns for much of the period. The Reserve Bank of Australia and the government delivered significant stimulus early in the pandemic to help households and firms manage.

©2020 Bloomberg L.P.

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