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Economy rises by 2.3% in 2009-10

The Australian economy grew by 2.3 per cent in 2009-10, figures from the Australian Bureau of Statistics have shown.

Australia's economy increased by 2.3 per cent in 2009-10, a new report from the Australian Bureau of Statistics (ABS) has revealed.

However, the report also shows that real net national disposable income rose by less than the gross domestic product.

The average amount of disposable income that was saved by residents of the country was 8.8 per cent for 2009-10, which is down from the 9.8 per cent recorded in 2008-09.

Australia's net worth on June 30th 2010 was estimated to be $7.7 trillion (£4.7 trillion), which is an increase of $696.2 billion (£425.3 billion), or ten per cent, compared to June 30th 2009.

"The net worth of Australia is defined as the difference between total assets and total liabilities," the ABS report explains.

Earlier this month, an ABS report showed that the number of people in employment in Australia increased by 0.4 per cent from August to September, when the figure reached 11.3 million.

Posted by Ravin Chatlani

- economy, GDP, employment, income

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