Australia: Output growth lifts in 2017/18 - Westpac

Andrew Hanlan, Research Analyst at Westpac, points out that in 2017/18, Australia’s real output grew by a robust 2.8% nationally, accelerating from 2.3% in 2016/17 and a step-up from a 2.5% average pace for the previous five years to 2016/17.

Key Quotes

“The lift in momentum between 2016/17 and 2017/18 was led by the mining states of WA and Qld, as well as Tasmania.”

“Economic growth was more synchronised in 2017/18, particularly on a per capita basis. Nationally, per capita output grew by 1.2% last financial year.”

“Growth ranged between 1.0% and 1.4% across the states, with the exception of an outperformance by Qld (1.7%) and by Tasmania (a stellar 2.3%).”

“The mining states improved in the past year as the mining investment drag waned and supported by elevated commodity prices.”