The Australian economy grew 1.9 per cent in 2018-19 following a 2.9 per cent rise in the previous year, according to figures released by the Australian Bureau of Statistics (ABS) today.
The Annual National Accounts incorporates the shift from the quarterly partial indicators to the full set of annual estimates. The accounts provide further insights on the structure of the economy and into measures of the economy beyond GDP, including sectoral balance sheets and productivity.
Household net worth increased $47.7 billion to $10.5 trillion in 2018-19, recording the smallest increase in 10 years.
In 2018-19, the largest industries in the Australian economy were Mining, Financial and Insurance Services, Construction and Health Care and Social Assistance, representing over 30 per cent of the economy. The Mining industry continued to expand, recording its 15th consecutive annual growth reflecting Oil and Gas Extraction’s transition into production.
Australia’s labour productivity fell by 0.2 per cent in 2018-19, recording the first fall since 2010-11, the decline in labour productivity was broad based, with 10 out of 19 industries recording falls.
Chief Economist for the ABS, Bruce Hockman said: “Australia’s economy continued to grow for its 28th consecutive year, albeit at a slow pace, recording the softest annual growth since the Global Financial Crisis.”
Household consumption was subdued, increasing 1.9 per cent, with slowing growth in discretionary spending while essential spending was modest. Public expenditure remained strong in 2018-19 with ongoing spending in health and disability services as well as continued investment in infrastructure projects. Private investment was weak as Mining transitions out of investment into production.