The Australian economy continues to grow but has recorded the least annual growth since the Global Financial Crisis, according to the latest figures released by the Australian Bureau of Statistics (ABS). Four industries are contributing 30 per cent of the economy. Do your B2B magazines service them?
The Australian economy grew by 1.9 per cent in 2018-19 following a 2.9 per cent rise in the previous year.
ABS Chief Economist Bruce Hockman said “Australia’s economy continued to grow for its 28th consecutive year, albeit at a slow pace, recording the softest annual growth since the Global Financial Crisis.”
In 2018-19, the ABS said that these industries were the largest, contributing 30 per cent of the economy:
- Financial and insurance services
- Health care and social assistance.
The mining industry continued to expand, recording its 15th consecutive annual growth reflecting the transition of the oil and gas sector from extraction to production.
Public expenditure remained strong in 2018-19 with ongoing spending in health and disability services as well as continued investment in infrastructure projects. Private investment was weak as the mining industry transitions out of the investment stage into production.
According to the ABS, Australia’s labour productivity fell by 0.2 per cent in 2018-19, recording the first fall since 2010-11. The decline in labour productivity was broad-based, with 10 out of 19 industries recording falls.
Household net worth recorded the smallest growth in 10 years, increasing $47.7 billion to $10.5 trillion.
Household consumption was also subdued, increasing 1.9 per cent, with slowing growth in discretionary spending while essential spending was modest.