Economy grows around trend as exports jump

THE Australian economy grew close to trend in calendar 2012, after a jump in exports during the final three months of the year.

The national accounts released on Wednesday showed production expanded by a seasonally adjusted 0.6 per cent in the December quarter, for an annual rate of 3.1 per cent.

The result was close to market economists expectations but fell short of the 3.5 per cent annual rate forecast last month by the Reserve Bank of Australia (RBA).

Treasurer Wayne Swan said it reaffirmed Australia's position as one of the most resilient economies in the world.

"Australia has managed to achieve solid growth in the December quarter at a time when around half of all advanced economies contracted, including five major advanced economies," Mr Swan said in a statement.

The annual growth rate was more than four times the average of other nations in the Organisation for Economic Development (OECD) in the year to the December.

"This is a pretty impressive outcome," he told reporters in Canberra.

Net exports - exports minus imports - added 0.6 percentage points to gross domestic product (GDP), after growing by 3.3 per cent during the quarter, which was the second fastest increase in almost a decade.

"What we are starting to see here is the upswing in the next phase of the mining boom ... as projects ramp up and go into production," Mr Swan said.

However, overall conditions remained patchy and households were still cautious.

Household consumption grew by just 0.2 per cent in the December quarter, taking the expansion to 2.8 per cent for the year to December.

"The recent uptick in consumer confidence, if sustained, may provide support to consumer spending going forward, along with the impact of low interest rates," Mr Swan said.

As well, price pressures remain subdued, showing inflation is not a threat at present.

He said expenditure figures between private and public spending were somewhat distorted by the Victorian government buying an infrastructure project.

Excluding this one-off factor, private business investment increased 1.2 per cent to be 14.1 per cent higher over the past year.

ANZ Banking Group head of Australian economics Justin Fabo doubts there are any implications for interest rate movements from the annual economic growth result falling short of the RBA's forecast.

"The RBA is likely to remain in 'assessment mode' for the next few months at least," Mr Fabo said in a note to clients.

The central bank left the cash rate unchanged at three per cent at Tuesday's monthly board meeting but saw scope to ease policy again if the economy needed it.

Mr Swan said RBA Governor Glenn Stevens' statement accompanying the decision appeared to be more optimistic about Australia's economic outlook than it had for a while.

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