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People walk past sale signs in Sydney's George Street yesterday. Photo: AFP

Australia economy expands with shift away from resource boom

WT24 Desk

Australia’s economy is on track for healthy growth this year, new figures showed Wednesday, with a bounce in exports helping accelerate its shift from an unprecedented resources boom,AFP reports.

The upbeat news follows tepid growth in recent months, as Australia’s resource-driven economy has been hurt by softening Chinese demand for its commodities.

Growth in the September quarter was slightly above analyst expectations at 0.9 percent for an annual rate of 2.5 percent, the Australian Bureau of Statistics said.

This was well above the sluggish 0.3 percent recorded the previous quarter, and Treasurer Scott Morrison hailed it as progress away from the mining boom to broader-based growth. “There are positive signs of a strengthening economy and signs that our economy is heading in the right direction,” he said.

“The transition is underway in our economy. The next phase of Australia’s growth transition will be for businesses in the non-resources sector of the economy to increase their investment.” The data showed the largest contribution to economic growth in the three months was from exports of goods and services, concentrated in mining commodities — the strongest growth in 15 years.

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