Economy reaches over $1.8 trillion

The Australian Annual National Accounts released today show that the size of the economy has reached over $1.8 trillion, reflecting a 2.8 per cent increase in 2017-18. This is up from the $1.2 trillion in 2007-08 in nominal terms.

ABS Chief Economist, Bruce Hockman, said: “The Annual National Accounts provides further insights on the structure of the economy, using the latest economy wide supply-use data. The annual growth rate is consistent with the quarterly growth rates published for the June quarter.”

“Australia has now recorded its 27th consecutive year of economic growth and is performing above the 10 year average growth of 2.6 per cent,” Mr Hockman said.

In 2017-18 the largest industries in the Australian economy were financial and insurance services, mining, construction and health care and social assistance, representing over 30 per cent of the economy. In the past decade, the mining industry’s capital stock has more than doubled, reflecting strong mining investment over this time.

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The Annual National Accounts also include labour productivity by industry estimates, which are only available annually. Australia’s labour productivity rose by 0.2 per cent, recording the lowest rise since recording a fall in 2010-11.

Agriculture, mining and utilities industries all recorded falls in labour productivity while services industries such as finance, professional, scientific and technical services as well as administrative support services were more productive.