Sep 4, 2013

Flat growth continues as productivity increases

Today's national accounts data show an economy in low gear, but with growing productivity and broader-based sources of growth than we're used to, say Crikey writers Glenn Dyer and Bernard Keane.


The Australian economy is stuck firmly in low gear after the third successive quarter of growth of 0.6% (quarter-on-quarter and up 0.5% on a trend basis), according to the latest national accounts data from the Australian Bureau of Statistics this morning. In fact it’s now a year of growth at this level because the September quarter of last year recorded quarter-on-quarter growth of 0.5%. The market had been forecasting a 0.5% rise (seasonally adjusted).

The data show seasonally adjusted growth was 2.6% in the 2012-13 financial year (and 2.5% on a trend basis, which is designed to smooth out the lumpy seasonally adjusted data). Looked at annually, growth slowed noticeably from the 3.1% in the September 2012 quarter to the latest rate, which is well below the long-term growth in the economy of around 3%.

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One thought on “Flat growth continues as productivity increases

  1. Marc Preston

    There is discussion about which party will create a property boom. Price points in the Australian realestate market are related to demand and supply. This is particularly related to public transport infrastructure. Melburnians know full well rents and values are higher in Zone 1 travel areas. Outer burbs property developers only fool people short term with “30 minutes to Melbourne” ads which are based on weekend travel times. As a transport driver also my life (and my property values) would be much better by giving commuters an alternative choice of frequent public transport eg by building extra train stations on existing lines and putting an extra two tracks between Dandenong and Oakleigh (3 tracks will not be enough). When government planners decide that somewhwere is a growth corridor that is when level crossings should disappear. – not 20 years later!

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