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Data Releases

ECONOMIC GROWTH

Australia is in its 26th year of consecutive economic growth. This is an enviable record around the world. Real GDP is 1.7 per cent higher than a year ago, after increasing 0.3 per cent in the March quarter.

JOBS

Over 230,000 jobs have been created over the past year to May. Over 60 per cent of these jobs have been full time and over 60 per cent have been in the private sector.

These jobs have been across a variety of service sectors including professional and scientific services; accommodation and food services; education; and health.

Since the Government came to office over 686,000 jobs have been created including over 288,000 full-time jobs.

Looking forward, ANZ job advertisements reached 170,000 positions in May – the highest level in over 5½ years.

BUSINESS CONFIDENCE AND CONDITIONS

Business conditions remained strong in May at +12 points  – more than double the long-run average.  NAB noted “business conditions are still at very elevated levels, while solid trends across most states and industries are encouraging”.

Business confidence remains around average at +6 points.  Capacity utilisation – a leading indicator for business investment – hit its highest level since June 2008.