Andrew Hanlan, Analysis Analyst at Westpac, factors out that in 2017/18, Australia’s actual output grew by a sturdy 2.eight% nationally, accelerating from 2.three% in 2016/17 and a step-up from a 2.5% common tempo for the earlier 5 years to 2016/17.
“The elevate in momentum between 2016/17 and 2017/18 was led by the mining states of WA and Qld, in addition to Tasmania.”
“Financial progress was extra synchronised in 2017/18, notably on a per capita foundation. Nationally, per capita output grew by 1.2% final monetary yr.”
“Progress ranged between 1.zero% and 1.four% throughout the states, aside from an outperformance by Qld (1.7%) and by Tasmania (a stellar 2.three%).”
“The mining states improved up to now yr because the mining funding drag waned and supported by elevated commodity costs.”