Katy Gallagher (ACT, Australian Labor Party, Minister for the Public Service) Share this | Hansard source

I thank Senator Payman for her excellent question on the national accounts. As senators will have seen with the release of this data at 11.30 this morning, in the face of global and domestic pressure, Australia's economy has remained resilient. The national accounts for the June quarter show that the Australian economy grew 0.4 per cent in the quarter and 2.1 per cent through the year. In the 2022-23 financial year, the economy grew by 3.4 per cent. Economic growth held up relatively well despite the impacts of high interest rates, high but moderating inflation and continuing global uncertainty, including the slowdown in China. Capital investment and services export were the main drivers of economic growth in the quarter.

The national accounts also showed that household saving is moderating in expected ways. Australians have continued to pull back on discretionary spending to make room for essentials and to cover mortgage repayments and are saving less out of their incomes. The housing-saving ratio declined to 3.2 per cent. People are also spending less on renovating their homes, which contributed to a decline in dwelling investment in the quarter.

I know those opposite don't like to talk about the economy, and I can hear their interjections. They're not interested in that; their focus is elsewhere. But, in light of some of those pressures that we're seeing across global headwinds, but also some of those domestic challenges around inflation, these results today are pleasing. We have been honest with the Australian community about some of these economic challenges, and that's why it is important to talk about these results when they come out.