Australian economy has turned corner: Treasurer

A staff member arranges commodities at a supermarket in Canberra, Australia, March 5, 2025. The latest National Accounts showed the Australian economy has turned a corner, and "in a very encouraging way because the private sector is beginning to take its rightful place as the main driver of growth in our economy," Australian Treasurer Jim Chalmers said on Thursday.

Australian gross domestic product (GDP) rose 0.6 percent in the December quarter and 1.3 percent through the year, according to the Australian Bureau of Statistics (ABS) on Wednesday. (Photo by Zhang Na/Xinhua)

CANBERRA, March 6 (Xinhua) -- The latest National Accounts showed the Australian economy has turned a corner, and "in a very encouraging way because the private sector is beginning to take its rightful place as the main driver of growth in our economy," Australian Treasurer Jim Chalmers said on Thursday.

Australian gross domestic product (GDP) rose 0.6 percent in the December quarter and 1.3 percent through the year, according to the Australian Bureau of Statistics (ABS) on Wednesday.

"It was a solid rebound in growth, twice as much growth in the December quarter than the quarter before," Chalmers said in an interview with the Sky News.

"Modest growth was seen broadly across the economy this quarter. Both public and private spending contributed to the growth, supported by a rise in exports of goods and services," said Katherine Keenan, ABS head of National Accounts, on Wednesday.

Australia's economy has also emerged from a 21-month per capita downturn, as ABS showed GDP per capita grew 0.1 percent in the December quarter following seven consecutive quarters of falls.

While the numbers were encouraging, they did not always reflect how people were feeling or coping in the economy, Chalmers acknowledged, adding they were taking action in response.

The treasurer said the government's cost-of-living support aims to assist people wherever possible, adding that despite improvements in some national economic indicators, many are still under pressure. He highlighted ongoing global economic uncertainty and the additional challenges posed by severe weather. ■

A staff member arranges commodities at a supermarket in Canberra, Australia, March 5, 2025. The latest National Accounts showed the Australian economy has turned a corner, and "in a very encouraging way because the private sector is beginning to take its rightful place as the main driver of growth in our economy," Australian Treasurer Jim Chalmers said on Thursday.

Australian gross domestic product (GDP) rose 0.6 percent in the December quarter and 1.3 percent through the year, according to the Australian Bureau of Statistics (ABS) on Wednesday. (Photo by Zhang Na/Xinhua)

Customers shop for groceries in Canberra, Australia, March 6, 2025. The latest National Accounts showed the Australian economy has turned a corner, and "in a very encouraging way because the private sector is beginning to take its rightful place as the main driver of growth in our economy," Australian Treasurer Jim Chalmers said on Thursday.

Australian gross domestic product (GDP) rose 0.6 percent in the December quarter and 1.3 percent through the year, according to the Australian Bureau of Statistics (ABS) on Wednesday. (Photo by Zhang Na/Xinhua)