Original article by Michael Read
The Australian Financial Review – Page: 1 & 5 : 4-Dec-24

Data from the Australian Bureau of Statistics shows that federal and state government spending totalled $195.8bn in the September quarter. This is eight per cent higher year-on-year, and compares with average annual spending growth of 5.3 per cent in the decade prior to the pandemic. The ABS notes that recurrent government spending increased by 1.4 per cent in the quarter, which is partly due to federal and state government electricity bill subsidies. Meanwhile, Westpac says government spending is set to reach a record 27.8 per cent of GDP in the quarter, compared with 27.3 per cent in the three months to June. National accounts data to be released on Wednesday is expected to show that annual GDP growth rose to 1.1 per cent in September.

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AUSTRALIAN BUREAU OF STATISTICS, WESTPAC BANKING CORPORATION – ASX WBC