The Australian economy grew by 0.9% in the second quarter of 2022, and by 3.6% over the course of the preceding year. The growth in household consumption, which was 2.2%, and exports offered help.
Again, we ascended into the sky. The June quarter was the first since the beginning of the pandemic in which international and domestic borders were open and there were no restrictions on travel. We resumed overseas travel, with international travel expenses reaching 38.6% of pre-pandemic levels.
We were out more often. The usage of transportation services by households climbed by 37.3% during the quarter, exceeding two-thirds of pre-pandemic levels. Returning to pre-pandemic levels, out-of-home eating and hotel expenditures rose by 8.8%. The removal of capacity restrictions led to a 3.6% increase in expenditures on leisure and culture.
We purchased less food in supermarkets. When individuals ate out more, food purchases from supermarkets and specialty stores decreased by 1.2%. This was the third quarterly fall in a row.
We reduced our savings. The rate of household savings declined further, but remained above pre-pandemic levels. During the quarter, households saved 8.7% of their income, a decrease from the March quarter 2022 when they saved 11.1%.
The labor force rebounded from the Omicron wave and the devastating floods in New South Wales and Queensland, resulting in a 2.9% rise in hours worked during the quarter. In June, the jobless rate was 3.5 percent. flagle
In the June quarter, house building fell 2.9% for the third consecutive quarter. Unfavorable weather conditions hampered east coast growth. Trade and material shortages, along with labor illnesses, all contributed.
During the third quarter, export volumes climbed by 5.5%, the fastest rate of growth since September 2000. Rural products like wool, meat, and cereals, as well as mineral ores like iron ore and lithium, fueled economic expansion.
The June quarter of 2022 had the biggest trade surplus in national account history, at 7.1% of GDP. Due to this trade surplus, Australia reported its thirteenth consecutive current account surplus in the June quarter of 2022, following 175 consecutive quarters of current account deficits.
Due to increasing demand for air transportation services, the transportation, postal, and warehousing sectors grew over the last quarter. When domestic tourism increased, the hotel and food services businesses thrived, while the health care industry expanded as elective operations resumed.
The consumer price index rose 1.8% in the third quarter of 2022 and 6.1% annually. Since June 2001, this was the highest annual growth rate. Housing and fuel were the biggest contributors to the increase in consumer prices. The GDP deflator, a broad indication of price pressures across the economy, rose 8.3% annually.
Despite a robust job market, inflation-adjusted pay growth has trailed behind. The Wage Price Index rose 0.7% during the third quarter and 2.6% annually.