Wednesday 7th December 2016 - 7:50 pm

Australian economy shrinks

by Alan Thornhill

The   Australian economy shrank by 0.5 per cent in the September quarter.

 

This shock result, reported by the bureau of statistics today, was the first of its kind seen in Australia

since the aftermath of the  Queensland floods in the March quarter of 2011.

 

This time, though, the bureau added that throughout the year, there had been growth of 1.8 per cent.

 

However the bureau admitted that economic activity had contracted in several areas  during the quarter.

 

It said these had included private investment in new buildings while lower public investment

In new engineering had also affected the outcome.

 

Net exports had also weakened by 0,2 per centage points.

 

The output of the construction industry had fallen by 3.6 per cent,

the bureau said.

 

 


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Alan Thornhill is a parliamentary press gallery journalist.
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