Australian economic growth has accelerated, growing by 3.4 per cent in the year to the end of June, the fastest pace since September 2012.
The higher growth was the result of increased consumer spending and financed by shrinking household savings. Wages per employee were flat, with household savings falling.
The Treasurer, the Hon Josh Frydenberg MP, stated: “Australia’s economy is strong, the fundamentals are good, momentum is continuing and these are encouraging numbers.”
Labor’s Shadow Minister for Finance, Mr Jim Chalmers MP, expressed concern at the lack of wage growth stating “For a lot of Australians, the economy is defined by insecure work, stagnant wages, and those numbers yesterday were very bad on the wages front.”
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