The number of Australian companies reporting annual revenue growth of more than 10 per cent has risen to 4,904, the highest level since the start of the year.
The growth rate of Australia’s $12.6 trillion gross domestic product, which accounts for about half of the country’s gross domestic products, is higher than the OECD average of 4.5 per cent.
The data is based on the Australian Bureau of Statistics (ABS) data on the size of each company, its size and market capitalisation.
Australia’s biggest companies have been growing more rapidly than the economy as a whole, with total revenues rising by 2.3 per cent to $12,928bn last year, while the average revenue per company increased by $1,664.1 million.
The ABS also recorded a 7.9 per cent increase in the value of companies’ shares, which is the highest since at least 2009.
The data shows Australia is now the fastest-growing major economy in the world.
“We are on track to reach the milestone of achieving the fastest economic growth since the late 1980s,” ABS chief economist Ian Chubb said.
“As a result of this growth, we are now one of the fastest growing economies in the G7.”
The economy has had a pretty good start to the year, but we’ve been really unlucky in terms of economic outcomes.
“The ABS data shows the average share price of a listed Australian company has increased by 11 per cent, with the average price per share also increasing by $4.25.
But Australia’s biggest banks are doing very well, with their average revenue growth rate now at 4.4 per cent as they have reported record profit.
Including the growth in revenues, the ABS said total revenues for Australia’s top 20 banks increased by 6.4% to $10,095bn last month.
This is the strongest revenue growth in more than three years.
Wall Street is also getting a boost from the recovery in oil prices, with Wall Street stocks rising by 4.7 per cent last month, while benchmark shares rose by 4 per cent and mining shares by 2 per cent in the past three months. AAP/ABC