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Australia’s GDP results are in – it’s not all bad, but what has delta done?

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Australia’s economy shows positives signs of recovery, but the nation’s economy hasn’t seen the full impact of current lockdowns in its major cities

GDP results

According to new data from the Australian Bureau of Statistics, the nation’s economy rose 0.7 percent, in the June quarter. GDP gross domestic product per capita also rose 0.4 percent. For 2020-21 Australia’s GDP has now risen 1.4 percent.

The economy is now sitting at 1.6 percent above where it was prior to the Covid-19 pandemic. Treasurer Josh Frydenberg says the results have exceeds all market expectations and are ahead of the Federal Budget’s forecast.

“The Australian economy is true. The Australian economy’s fundamentals are sound.
The Australian economy will bounce back after restrictions are eased,” 
Josh Frydenberg, Australian Treasurer

Lockdown bite, still to come

Although the figures are generally positive, they do not give the full picture of the economy’s suffering to come.  Australia’s two major cities, Sydney and Melbourne, remain in lengthy lockdowns. The full impact of these lockdowns will show in September’s figures.

“No, we haven’t seen the full impact of it yet,

If you look at the National Account figures… a lot of the growth was generated by Government sector spending.”

“The message it sends, is we are going to continue to need Government support well through the remainder of the year and next year.” 

Stephen Jones, Labor MP & Shadow Financial Services Minister

Businesses call for a clear plan

Meanwhile, in an open letter from the business community, they’re demanding a clear plan out of Covid-19 induced lockdowns and closures. Some of the major Australian businesses include aviation airline Qantas, major telco Telstra, banking giants, and the ASX.

The businesses are urging the Government to stick to its National Plan and chart a path out of current lockdowns.

“We represent businesses which employ almost one million Australians, and provide products and services to people right across the nation.” 

“We see the impacts of lockdowns on our people, our customers, on our small business suppliers, and on communities and families across the country.” 

“Providing a light at the end of the tunnel will encourage more Australians to get vaccinated.”

“We need to give people something to hope for, something to look forward to, something to plan around and to be confident about their futures.” 

Open letter from major Australian businesses

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Money

Nintendo’s live presentation sets the stage to end the financial year with a bang

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PlayStation 5 has received a fresh Discord update, enhancing your social gaming experience. Connect with friends, join voice chats, and stay in the loop directly from your console.

Prepare for a thrilling showcase packed with game reveals, exclusive trailers, and updates on your favourite Nintendo franchises.

Whether you’re a fan of Mario, Zelda, or new indie titles, this Direct promises to deliver something for everyone. Mark your calendars and get ready for a gaming extravaganza!

Emily Leaney joins to discuss the latest.

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Finance expert empowers his social audience with accessible wealth tips

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The right strategy can change the game for your financial freedom. Meet the advisor making his tips accessible to all.

Wyld Money dives into the world of financial freedom. Whether you’re a seasoned investor or just getting started, join us for actionable tips and tricks to unlock your earning potential, and retire on your own terms.

In this episode, Mark is joined by James Wrigley, Financial Advisor at First Financial. #wyld money #trending

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It takes a village: coordinated financial teams prove paramount to maximising wealth

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The pursuit of wealth is often faced by significant challenges including debt, lifestyle costs, and burnout – so what methods can help overcome these challenges?

Maximising financial opportunities involves a suite of tasks, from leveraging favourable loan rates, strategic tax planning, and coordinated financial advising.

Mark Wyld from MW Wealth joins to discuss more. #featured

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