Australia headed for ‘growth upswing’

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”.

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]