Treasury has released the country’s National Accounts for the September Quarter, showing the despite the impacts of the jittery global economy, economic growth is predicted at 3.1 per cent.

 

The quarterly report shows that the economy grew by 0.5 per cent over the four month period.

 

Treasurer Wayne Swan says the results show that country has remained far above the average growth rate for every single major advanced economy.

 

“While conditions remain patchy in some parts of the economy, growth in the quarter was reasonably broad-based, underpinned by strong business investment, modest household consumption, a lift in exports and an accumulation of inventories,” Mr Swan said.

 

Mr Swan admitted that the sharp drop in commodity prices over the recent months had taken its toll on the economy.

 

The accounts also show that household consumption rose 0.3 per cent in September to be 3.3 per cent higher though the year, while new business investment continued to power ahead in the September quarter, rising 5.6 per cent to be 12.3 per cent higher through the year.

 

The Treasurer also said that the National Accounts are ‘broadly consistent’ with the forecasts of the predictions and forecasts presented in the Government’s 2012-13 Mid-Year Economic and fiscal Outlook.

  

Miners expect to spend over $109 billion on new capital in 2012-13, which is 33 per cent higher than mining capital expenditure in 2011-12. While lower global commodity prices have weighed on some investment decisions, the latest estimate by the Bureau of Resources and Energy Economics suggests that the pipeline of committed resources projects stands at a record high $268 billion.