00:00Business is heating up at this air conditioning company.
00:06It's just built this new $28 million facility.
00:09Every year we make a little more.
00:122025 is shaping up to be another record year for this factory.
00:16It's reflective of the broader economy.
00:19The really encouraging part of these numbers is to see that the growth in the private sector is gathering pace.
00:25The Australian economy grew 0.4% in the September quarter and 2.1% over the year,
00:32driven by business investment predominantly on data centres
00:36and household spending on essentials like rent, power and insurance.
00:40Australians decided to put away a bit more of what they earned, pushing up the savings ratio.
00:46The big drag on growth came from mining and gas companies selling off stockpiles while they performed maintenance.
00:53Economic growth in the quarter was weaker than economists were expecting.
00:57We saw a contraction in spending in those areas that are not essential spending.
01:05Households can't rely on any relief from the Reserve Bank when it meets next week.
01:09Most economists expect rates to remain on hold, with the possibility of rate hikes next year.
01:15Speaking before figures were released, the RBA Governor defended the central bank's decisions.
01:21We've got an unemployment rate of 4.3% and we've got an inflation rate at 3.2% at the moment, admittedly,
01:31but forecast to come back down into the band.
01:34And so I think the strategy still is alive.
01:37A strategy that's also seeing the economy grow.
01:40ождения grow.
01:413.5%
01:47NO.
01:50SINGAL
01:52related
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