Business investment boosts Australia's economy

Non-dwelling construction such as work on the new Perth Stadium was the biggest contributor to growth through the quarter

The national accounts for the September quarter showed the Australian economy grew by a less-than-expected 0.6 per cent in the three months to the end of September.

Treasurer Scott Morrison used the opportunity to passionately call on the public to support the government's proposed income tax cuts in order to stimulate more growth in the economy.

In the June quarter, gross domestic product rose by a revised 0.9 per cent, the Australian Bureau of Statistics (ABS) said on Wednesday.

The result just missed market forecasts of growth of 0.7 percent for the quarter and nudged the local dollar down a quarter of a cent to $0.7580.

Australia has been exiting an unprecedented mining investment boom, with the Reserve Bank of Australia cutting interest rates to a record-low of 1.5% since November 2011 to boost growth in non-resources industries.

Corporate sentiment is high, buoyed by strengthening global growth and robust exports, contributing to a jump in private investment over the quarter.

He said Australia's economy was growing faster than the average growth rate of Organisation for Economic Cooperation and Development countries (at 2.6%), putting the economy "back up towards the top of the pack of major advanced economies".

WA was just behind NSW in terms of economic activity through the quarter.

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Australian firms are experiencing the best trading conditions in 20 years, recording strong profits and adding full-time staff at a strong clip.

The ABS observed that 17 out of 20 industry sectors recorded growth this quarter, with professional, scientific and technical services leading the way, along with health care and social assistance, and manufacturing.

Households, however, delivered only a small amount of growth in a sign of the struggles some families are having on the back of low wages growth.

Domestic consumption is a major concern given that consumer spending represents 60% of the economy.

"Consumers are indeed feeling the strain", Mr Bowen said.

The third quarter saw big increases in electricity costs and more recent rises in fuel prices are also eating into any remaining slack consumers may have for additional spending.

However, household consumption was "soft" even though October's retail sales figures, released on Tuesday, showed some improvement. That view looks too optimistic, Mr. Evans said.

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