“This was the eighth straight rise in quarterly GDP, but growth has slowed over 2023,” ABS head of national accounts Katherine Keenan said in a release.
“Government spending and capital investment were the main drivers of GDP growth this quarter,” she said.
The government’s final consumption expenditure rose by 1.1 per cent this quarter after a 0.6 per cent increase in the June quarter.
The gross fixed capital formation rose by 1.1 per cent. The increase in gross fixed capital formation was driven by public corporations.
“Investment by public corporations rose 8.9 per cent. Commonwealth, state and territory corporations increased investment in transport, communication and utilities projects,” Keenan added.
Change in inventories contributed 0.4 percentage points towards September’s overall growth following a detraction of 1.2 percentage points in the June quarter.
ALCHEMPro News Desk (DS)
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