Non-farm businesses weren’t left behind. Investment across the private sector increased by 3.9 per cent. Machinery and equipment investment by businesses jumped by 8.9 per cent.
Just six months ago, the national accounts showed the biggest single-quarter drop in economic output since the 1930s. They confirmed the first recession in 30 years.Now, the numbers are showing an economy that apart from perhaps South Korea and New Zealand is the envy of every other nation on the planet.Success has been built on the health outcome plus an avalanche of support from governments and the Reserve Bank.
Through the global financial crisis and now the pandemic recession, policymakers have clearly succeeded.
It's far from over. We are too fragile. We let 1 positive close a state economy. Make that 1 in each state and the whole country gets shut down. Not the time to gloat
Australia Latest News, Australia Headlines
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