Aggressive interest rate hikes have done little to slow growth in the September quarter, with the economy expanding by 0.6 per cent over the three months.
Economy up 0.6 per cent in third quarter
The Australian economy expanded in the third quarter, with the full weight of rapid interest rate hikes yet to show up in growth figures.
September quarter national accounts showed the economy grew by 0.6 per cent, which followed a 0.9 per cent lift in the June quarter.
In the 12 months to September, the economy swelled by 5.9 per cent from a low base in the third quarter of 2021 caused by lockdowns.
“The September quarter was the fourth consecutive quarter of economic growth, following a contraction in the September quarter 2021, which was impacted by the COVID-19 Delta outbreak,” ABS head of national accounts Sean Crick said.