Australian economy continues recovery from pandemic recession

Xinhua
03 Mar 2021, 16:55 GMT+10

CANBERRA, March 3 (Xinhua) -- Latest national accounts figures showed that Australian economy continued to recover from the COVID-19 crisis.

According to data released by the Australian Bureau of Statistics (ABS) on Wednesday, Australia's gross domestic product (GDP) grew by 3.1 percent in the December quarter while the growth figure for the September quarter was revised up from 3.3 to 3.4 percent.

It marks the first time in the 60-year history of the national accounts that Australia's GDP has grown by more than 3 percent in consecutive quarters.

However, the economy still contracted by 1.1 percent over the calendar year after the COVID-19 pandemic caused a record 7-percent fall in GDP in the June quarter and sent Australia into recession for the first time since 1991.

Treasurer Josh Frydenberg said the recovery was proof that the economy could survive the phasing-out of the government's economic stimulus measures.

"Today's national accounts show that the Australian economy is strengthening, and the government's economic recovery plan is working," he told reporters.

"What is particularly pleasing in today's numbers is that as our emergency support is tapering off, the private sector is stepping up. In the December quarter, direct economic support from the Federal Government halved, yet at the same time, the economy grew by 3.1 percent."

Household spending rose by 4.3 percent nationally in the final quarter of 2020 and by 10.4 percent in Victoria after Melbourne's strict coronavirus lockdown ended.

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