Industry experiences strong growth: ABS

According to the data, the industry recorded a growth rate of 3.7 per cent during the June 2008 quarter culminating in an annual rate of growth of 6.9 per cent in trend terms.

On the economic growth front, the printing industry has now outperformed the Australian economy for three consecutive quarters.

The Australian economy expanded by a modest 0.5 per cent in trend terms during the June quarter resulting in an annual growth rate of 2.7 per cent.

The key drivers of economic growth during the June quarter were business investment and government expenditure, while both household consumption expenditure and net exports detracted from growth.

Compensation of employees grew by 1.8 per cent during the quarter and by 6.6 per cent during the year to June. Private sector operating surpluses was reported to have increased by 12.0 per cent during the June quarter and by 17.7 per cent during the year to June.

In trend terms, Western Australia recorded an annual growth rate of 7.6 per cent, Tasmania 6.4 per cent, Queensland 6.0 per cent, Northern Territory 5.1 per cent, Victoria 4.5 per cent, South Australia 3.6 per cent, New South Wales 3.3 per cent and the Australian Capital Territory grew by just 0.4 per cent.

Commenting on the June 2008 quarter economic growth results Hagop Tchamkertenian, national manager for policy and government affairs for Printing Industries, says the decision by the Reserve Bank of Australia to cut official interest rates seems now justified as the latest national accounts data shows that the growth rate of the Australian economy has slowed down substantially.

He says, “This is why the June quarter growth rate for the printing industry is even more remarkable as it comes at a time when the Australian economy is slowing down and key drivers of printing industry activity such as household consumption and retail trade are also moderating.”

Tchamkertenian adds that if the rate of economic growth in the Australian economy stays below 3 per cent, activity levels in the printing industry will be adversely affected.

He says, “Today’s economic growth data is consistent with data released recently which showed robust printing industry sales during the June quarter, I don’t however expect the continuation of such strong results if the growth rate of the Australian economy continues to moderate over the next 18-24 months.”

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