Katy Gallagher (ACT, Australian Labor Party, Minister for the Public Service) Share this | Hansard source

I thank Senator Dowling for the question on the national accounts and the question around what the accounts tell us about growth across the Australian economy during 2025. Today's national accounts show strong, broad based growth, and an ongoing recovery in the private sector. The Australian economy grew 0.8 per cent in the December quarter, to be 2.6 per cent higher through the year. These are really encouraging numbers, and they're a very robust foundation from which we confront some of this intense global economic volatility, made worse by the dramatic escalation of hostilities in Iran and across the Middle East.

The accounts show that we've seen the strongest pace of annual growth in almost three years. They confirm that the Australian economy outperformed in 2025, with faster growth than every major advanced economy. This is in addition to Australia's record of stronger jobs growth and higher labour-force participation than any major advanced economy since we came to office.

We also acknowledge: there are challenges facing us, but advantages as well. We're not immune from the extreme global volatility, but our unique combination of economic strengths means we are well placed to manage the challenges coming at us.

The pace of annual growth in private demand picked up in 2025. Private demand grew faster, and contributed over three times more to economic growth, than public demand, in annual terms. Within a year, annual private demand growth more than tripled, but annual public demand growth more than halved.

Real GDP per capita increased by 0.4 per cent in the quarter, to be up 0.9 over the year. That's, again, the strongest that we've seen in more than three years.

Whilst we do acknowledge that quarterly movements can be volatile and the job is far from over, productivity was also up over the past year. It was flat in the quarter but up one per cent higher, in annual terms, above the 20-year average. These are results that we should welcome. (Time expired)