The Australian economy has bounced back from its first recession in almost 30 years, Treasurer Josh Frydenberg says.
Australia’s GDP increased by 3.3 per cent in the September quarter, figures released on Wednesday showed.
“The Australian economy is coming back,” Mr Frydenberg told reporters.
“Facing a once-in-a-century pandemic that has caused the greatest economic shock since the Great Depression, Australia has performed better on the health and economic fronts than nearly any other country in the world.”
The 3.3 per cent GDP growth was the largest quarterly GDP increase since 1976, Mr Frydenberg said.
Economists’ forecasts had centred on a 2.5 per cent rise for the quarter.
Household spending contributed four percentage points, as coronavirus restrictions lifted over the period across most states and territories, the Australian Bureau of Statistics figures showed.
More to come.
