Economy growing faster than before the pandemic

Australia’s economy expanded 0.9% in the June quarter, according to the most recent data from the Australian Bureau of Statistics.

That was the third consecutive quarter of economic growth, following a contraction in the September 2021 quarter, which was caused by the Delta outbreak and lockdowns in Sydney, Melbourne and other places.

The economy ended up growing 3.6% over the 2021-22 financial year. That compares to growth of 2.2% in the 2019 calendar year – just before the pandemic started.

Performance by industry

While the economy as a whole grew 3.6% last financial year, performance varied markedly between industries. Those that experienced the biggest year-on-year growth were:

• Transport, postal & warehousing = 13.1%
• Arts & recreation services = 11.1%
• Agriculture, forestry & fishing = 11.0%
• Professional, scientific & technical services = 10.5%
• Information media & telecommunications = 8.7%

And the sectors that experienced the least growth were:

• Mining = -0.7%
• Wholesale trade = -0.5%
• Manufacturing = 0.6%
• Rental, hiring & real estate services = 1.3%
• Education & training = 1.7%

With the economy growing, this could be a good time to invest in new plant, stock, equipment or machinery. Reach out if you need help financing the purchases.