“There are challenges ahead. But you would not want to be in any other country but Australia as we begin 2021“– Treasurer Josh Frydenberg
Australia’s economy expanded faster-than-expected pace in Q-4 of Y 2020 and all signs tell us that Y 2021 has started on a firm footing too helped by massive monetary and fiscal stimulus.
The economy accelerated 3.1% in the Q ended in December, data from the ABS (Australian Bureau of Statistics) showed Wednesday, higher than forecasts for a 2.5% rise and follows an upwardly revised 3.4% gainer in Q-3.
The V-shaped recovery is everywhere: economic growth, the job market, retail spending and the housing market,” said HeffX-LTN’s Shayne Heffernan, PhD.
PhD Economist Heffernan expects the economy to rebound 4.2% in Y 2021.
“Our economic recovery plan is working, and today’s national accounts is a testament to that fact,” Treasurer Josh Frydenberg said in a news conference. “The job is not done,” he added.
“There are challenges ahead. But you wouldn’t want to be in any other country but Australia as we begin 2021.”
Have a healthy day, Keep the Faith!