‘Strong impulse for growth’: Consumers drive COVID rebound as business investment tails off

A huge rebound in consumer spending after lockdown has driven GDP growth higher, the ABS says. Photo: Getty

Australia’s COVID-19 rebound is moving fast – the economy has grown at the joint-fastest rate in almost 50 years as consumers used lockdown savings to splurge on goods and services.

Australian Bureau of Statistics data on Wednesday showed the economy surged past Delta lockdowns last year and is now 4.2 per cent larger than a year ago after a record lift in spending on non-essentials like cafes, restaurants, clothing, furniture and other recreational goods.