The Australian economy remains resilient, despite headwinds from slowing global growth and a correction in the housing market. Real GDP increased by 2.8 per cent over the year to the September quarter 2018, and looks set to grow at an above-trend average annual rate of 3.0% over 2018 compared to a below-trend rate of 2.4% in 2017.
Underpinning the improvement in the Australian economy has been four key factors: diminishing mining sector headwinds, improving public finances and a surge in public infrastructure spending, recovery in non-mining business investment, and a strong external sector. In our view, the outlook for the Australian economy remains solid.Their latest piece, Australian Economic outlook from our economics team focuses on the major drivers of growth.
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