Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter
Australia headed for ‘growth upswing’

Australia headed for ‘growth upswing’

The latest GDP figures indicate the Australian economy is in a state of “growth and recovery”, according to an Australian fund manager.

Commenting on Wednesday’s strong Australian GDP figures, Australian Unity Investments CEO David Bryant said the country appears to be on the cusp of a “growth upswing”.

Mr Bryant noted that employment, consumption, exports, tourism and building approvals are either in a strong position or improving, listing lower engineering and construction figures as “the only real area of concern”.

Advertisement
Advertisement

Data from the Australian Bureau of Statistics showed a 1.1 per cent increase in the GDP figures for the March quarter and a 3.1 per cent rise year-on-year.

“If you excuse last June, which was weak, the last three quarters are running at 3.7 per cent” Mr Bryant said.

He added that the increase in household consumption is another positive sign for the Australian economy.

“It looks like the much-needed transition from mining to housing to the consumer has occurred. Now, we just need to get business properly on board.”

Mr Bryant said there are still some “headwinds” that need to be considered, but the outlook is positive overall.

“Australian investors should feel reassured by these stronger economic signals,” he said.

[Related: Australia ‘a star performer’ for economic growth]

Australia headed for ‘growth upswing’
mortgagebusiness

 

Latest News

The major bank has lowered its interest rate floor for mortgage serviceability assessments, becoming the third major bank to amend its polic...

A big four bank has announced the appointment of a new chief executive officer. ...

Digital neo-lender 86 400 has been granted a full authorised deposit-taking institution licence by APRA and expects to launch its mortgage ...

FROM THE WEB
podcast

LATEST PODCAST: A shift in serviceability requirements

Do you think the banking royal commission recommendations could negatively impact competition in the mortgage market?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.