Yesterday’s National Accounts show Australia’s economy is now larger than it was pre-COVID.
This is in contrast to all major advanced economies.
Real GDP increased 1.8% in the March quarter.
Between December 2019 and March 2021, Australia’s economy has grown by 0.8%.
By contrast: the USA’s economy contracted by 0.9%; Canada declined 1.7%; Japan by 2.3%; France by 4.7%; Germany by 5.0%; Italy by 6.4% and the UK by 8.7%.
In just over a year, Australia’s economy has recovered what it lost, faster than any recovery from any major downturn in recent history and nine months earlier than previously expected.
The pandemic is not over.
Globally, there are around half a million cases a day. The Euro area is back in recession.
However, Australia is now experiencing our strongest period of economic growth since 1968.
Furthermore, Australia was the first advanced economy to have more people employed than pre-COVID.
There are 46,000 more Australians in work in April 2021 than there were in March 2020.
There is much more to do to secure our recovery. However, our plan is working.
Australia’s economic recovery is something all Australians have contributed to and can be proud of.
I do not believe it is a coincidence that we have a Bible believing PM. He became Prime Minister of Australia in circumstances that were clearly orchestrated by God. Note also a headline in World News after the PM appointed Josh Frydenberg his deputy and treasurer.
Australian Jewish community celebrates appointment of Josh Frydenberg—son of Holocaust survivor and synagogue attendee—as deputy Prime Minister and Treasurer.