By Andrew Lees The Australian Financial Journal The growth figures for the Australian economy have been a big topic of discussion in recent weeks.
In recent months the Australian Bureau of Statistics (ABS) has been releasing figures that are a little bit different to the official growth figures.
In a report released on Tuesday, the ABS reported that in the year to March 2017, the Australian growth rate was actually lower than the official number.
In the second quarter of this year, the official figure for growth was up to 3.4 per cent, but the ABS report showed that the real figure was actually 3.5 per cent.
This is an important point because it means that the official figures are very much on the wrong side of the trend line.
Why the difference?
Because the official numbers don’t take into account the impact of the economic shock of the Great Recession.
In other words, when the official statistics say growth is lower than what was actually there, they actually are lower.
In that sense, the actual rate of growth for Australia was actually slightly lower than its official growth rate of 3.0 per cent for the year.
This difference is important because the actual official rate of GDP growth was very much in line with the rate of inflation in the economy as a whole.
The main difference that the ABS figures show is that the growth rate for the economy in the second half of 2017 has been significantly higher than the second-half of 2016.
That is partly because the Australian dollar has gone up a lot in recent months, and also because of the impact on household debt in the housing market.
To understand the impact that the rise in the Australian currency has had on the Australian housing market, let’s look at the impact the US dollar had on household borrowing.
Household debt is a key part of the economy, but it is not always reflected in the official GDP statistics.
When the official official statistics use the official US government figures, it is very easy to make the mistake of thinking that the economy grew much faster in 2016 than in 2017.
But it wasn’t the case.
When we use the Official Australian Account, which is a compilation of economic data from different sources, we have a much better idea of the real rate of economic growth.
The official statistics also use the latest economic data to adjust for the effects of inflation and other factors that can affect economic growth, such as the fall in the value of the Australian Dollar.
We also have a good idea of how much of that rise in national wealth is being reinvested in the national economy.
What has been different this time around is that, instead of looking at the official measures, we are using the new information that is available from the ABS, which gives us a better idea.
So, for example, if the official statisticians used the latest official data, they would have looked at how much growth had been driven by the US and the European economies.
Instead, we now have a better picture of the level of investment in the country.
In addition, we can look at how the real GDP growth rate has changed over the past year and how it compares to the actual growth rate.
Looking at these figures, there is a big difference in the growth figures between the official and the new figures.
And in the case of household debt, it shows that the debt that households have has actually increased slightly over the year, by a bit over $1,200 a year, and is now close to the record levels that we saw in 2009.
Of course, this is just one of the ways that the new official statistics can help to make sense of the official data.
There are other things that can help too, such a better understanding of the impacts of the various economic shocks that are taking place in Australia, and a better grasp of the role that the Reserve Bank of Australia plays in providing financial stability to our economy.
But for now, it seems that the data that we have now is better than the data we would have gotten from looking at a couple of years ago.
Originally published in the ABC Financial Review, April 12, 2018.
Last updated on April 12