Today's National Accounts for the September quarter 2018 show the strength of the Australian economy and the strong economic management of the Liberal National Government.
We have completed our 27th consecutive year of economic growth, the unemployment rate has fallen to 5.0 per cent and nearly 1.2 million jobs have been created under the Coalition Government. The strength of the Australian economy has recently been recognised by the International Monetary Fund, the OECD and through our AAA credit rating being reaffirmed.
According to the Australian Bureau of Statistics, real GDP grew by 0.3 per cent in the September quarter and by 2.8 per cent through the year and this sees Australia growing faster than the OECD average and all of the G7 nations except the United States.
Growth continues to be broad-based with household consumption, dwelling investment, net exports and new public final demand contributing to growth. These were partially offset by a significant fall in mining investment as the last of the major LNG projects near completion.
New public investment grew by 5.1 per cent in the quarter to be 4.0 per cent higher through the year. Public investment will continue to be underpinned by the Government's record $75 billion infrastructure rollout.
Compensation of employees, which records total wages and salaries across the economy, rose by 1.0 per cent in the quarter to be 4.3 per cent higher through the year. Growth was driven by strength in employment.
Because of the Coalition's strong economic management we will deliver next April the first budget surplus in more than a decade.
The strength of the Australian economy is no accident. The Government's plan of lower taxes and stronger economic growth is working and today's numbers show the strength of the Australian economy is helping to provide the essential services all Australians rely on.