While there is inevitably a degree of imprecision in the estimates, this increase in LNG exports is expected to boost GDP growth by an average of around ¾ percentage point in each of 2016 and 2017. Through this third phase of the mining boom, the economy overall has been growing at an annual rate of between 2 and 2½ per cent (Graph 7).
The quarterly readings for GDP continue to be affected by fluctuations in mining production due to the weather. But looking through this volatility, the data for the June quarter suggest that the economy is continuing to grow at a similar rate to that of the past few years. Most other recent indicators are also consistent with a moderate expansion in the Australian economy.