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

I thank Senator Dowling for the question. The defining story of the Australian economy in 2025, as the Treasurer has outlined today, was the pick-up in private sector activity, which the national account figures confirm. It's really encouraging to see more growth in business investment, dwelling investment, market-sector productivity and household consumption, even though household consumption was slightly weaker than expected. New private final demand grew by 0.4 per cent, to be 3.2 per cent higher through the year. There were contributions from all those three components of private demand in the quarter, including household consumption, dwelling investment and business investment.

Really, because of the government's housing agenda, it's great to see that, for the first time in a decade, dwelling investment has now grown for eight consecutive quarters. It rose 0.6 per cent in the quarter to be 5½ per cent higher through the year. This is a substantial turnaround from what we inherited—