Australian economy was untouched by a recession in the last 26 years, an unmatched achievement in a world affected by various financial crises.
Data released by the Australian Bureau of Statistics on 6 September showed that Australia’s economy had inched up further in the quarter ending June. This marks the 104th consecutive quarter of the country without a recession.
In the last quarter, the economy of Oz grew by 0.8 percent, surpassing the 0.3 percent growth witnessed in the quarter prior to it in 2017.
About half of the economy’s growth is attributed to consumer spending, which was a consequence of the increased number of consumers as the country’s population grew.
It was abetted by other factors such as an increase in exports and higher government spending.
Scott Morrison, the Treasurer, was quoted by Associated Press as saying that payrolls had risen by 2.1 percent for the whole year and 0.7 percent for the latest quarter, which was an outcome of more people being employed and also improved incomes.
He said that increasing the earnings and wages of Australian workforce was their most important task. According to Morrison, as the workforce continues to grow, hike in wages could be anticipated.
Australia, just like many of its commodity-exporting counterparts, had profited from a credit boom to keep pace with home prices after a minor financial setback.
The Bank of International Settlements, an international financial institution owned by 60 central banks, had warned in June that soaring household debt would hurt Australia’s continuing economic growth, which primarily depends on spending of households.
Mark Melatos, an economist at Sydney University, voiced apprehensions that if nationals of Australia reduced spending to repay debt, it could hurt the impressive record of the country’s economy.
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