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<\/p>\nVICTORIA\u2019S economy grew by 1.4 per cent during the June 2021 quarter, a little stronger than expected by market watchers.<\/p>\n
In contrast, Australia\u2019s economy grew by just 0.7 per cent during the June 2021 quarter.<\/p>\n
Compared with a year earlier, State Final Demand (SFD) in Victoria was up by a whopping 10.5 per cent.<\/p>\n
Master Builders Victoria CEO Rebecca Casson said the scale of this expansion was related to the fact that economic activity in Australia was at an exceptionally low ebb during the April-June 2020 period as a result of lockdowns and restrictions in place at the time.<\/p>\n
During the June 2021 quarter, the main sources of growth in the Australian economy were investment spending (+3.2 per cent) and day-to-day government spending (+1.3 per cent). Household spending gained 1.1 per cent, meaning that the economy\u2019s largest slice of demand has expanded by a total of 15.4 per cent over the past 12 months.<\/p>\n
The performance of imports and exports was the biggest dampener on growth. The volume of exports from Australia dropped by 3.2 per cent while imports crept up by 1.5 per cent.<\/p>\n
Ms Casson said all the main areas of building and construction expanded during the June 2021 quarter.<\/p>\n
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\u201cWhile the very successful HomeBuilder scheme has propelled home renovations work and new home building \u2013 especially detached houses \u2013 to very high levels, non-residential building and engineering construction are still weaker than they were a year earlier,\u201d Ms Casson warned.<\/p>\n
\u201cMuch has changed since the start of July 2021, especially given the worsening COVID-19 situation and lockdowns in NSW and Victoria. The sheer scale of restrictions on a wide spectrum of economic activities in those places makes it difficult to see how GDP can do anything but shrink in the September 2021 quarter.<\/p>\n
\u201cThere is a real possibility that the second half of 2021 will see Australia\u2019s economy falling back into recession.\u201d<\/p>\n
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VICTORIA\u2019S economy grew by 1.4 per cent during the June 2021 quarter, a little stronger than expected by market watchers. In contrast, Australia\u2019s economy grew by just 0.7 per cent during the June 2021 quarter. Compared with a year earlier, State Final Demand (SFD) in Victoria was up by a whopping 10.5 per cent. Master […]<\/p>\n