Original article by David Uren
The Australian – Page: 4 : 8-Mar-18
Australia’s latest national accounts data shows that the economy grew by 0.4 per cent in the December 2017 quarter, and 2.4 per cent year-on-year. However, consumer spending grew by one per cent during the quarter, after revised growth of 0.5 per cent in the September quarter. Andrew Hanlan of Westpac warns that the strong growth in consumer spending may not last, noting the low growth in wages and the high level of consumer debt. The data shows that there was zero growth in the average wage during the December quarter, with annual wages growth of 1.6 per cent.
WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIAN BUREAU OF STATISTICS