Treasurer nails economic growth figures

Josh Frydenberg claims Australia's economy is growing faster than any country in the G7, bar the US.
Josh Frydenberg claims Australia's economy is growing faster than any country in the G7, bar the US.

AAP FactCheck Investigation: Is Australia's economy growing at a faster rate than any G7 nation, bar the US?

The Statement

"... We (Australia) are growing faster than any G7 country, except the United States ..."

Treasurer Josh Frydenberg. April 16, 2019.

The Verdict

True - The checkable claims are all true.

The Analysis

Treasurer Josh Frydenberg claims Australia's economy is growing faster than any country in the G7, bar the US. [1]

AAP FactCheck contacted Mr Frydenberg's office to verify the source of his claim. The treasurer's office said the source for the Australian figures was the 2018 calendar year National Accounts.

Australia's economy grew by 2.7 per cent in the calendar year 2018, according to the National Accounts. [2]

The Group of Seven or G7 is a forum set up in 1975 of the world's largest developed countries - France, Germany, Italy, Japan, the United States, the United Kingdom and Canada. The G7 is considered the best framework for global economic coordination. Since 1987, G7 finance ministers and central bank governors have met twice a year. [3] [4]

Using International Monetary Fund data to compare Australia's economic growth with G7 countries for 2018, Mr Frydenberg's claim is correct.

Australia's growth of 2.7 per cent last year outstripped Canada (1.8 per cent), France (1.5 per cent), Britain (1.4 per cent), Germany (1.4 per cent), Italy (0.9 per cent) and Japan (0.8 per cent). The US was the best performer with economic growth of 2.9 per cent. [5]

Using the 2018 calendar year as a measure, Mr Frydenberg's claim is accurate.

The Verdict

True - The checkable claims are all true.

The References

1: 'Federal election 2019: Coalition surplus forecasts 'heroic', thinktank says - politics live', by Amy Remekis. The Guardian. April 16, 2019: https://www.theguardian.com/australia-news/live/2019/apr/16/federal-election-2019-tax-health-labor-liberal-coalition-morrison-shorten-politics-live?page=with:block-5cb5129a8f08ce46f07f00c9#liveblog-navigation

2: 'National Accounts- December Quarter 2018', by Josh Frydenberg MP. Press Release. March 6, 2019: https://joshfrydenberg.com.au/wp-content/uploads/2019/03/Treasurer-Media-Release-National-Accounts-December-quarter-2018.pdf

3: 'A Guide to Committees, Groups and Clubs'. International Monetary Fund. March 8, 2019: https://www.imf.org/en/About/Factsheets/A-Guide-to-Committees-Groups-and-Clubs#G7

4: 'Role of the G7'. European Commission: https://ec.europa.eu/info/food-farming-fisheries/farming/international-cooperation/international-organisations/g7_en

5: International Monetary Fund: https://www.imf.org/en/Countries/DEU#countrydata

https://www.imf.org/en/Countries/JPN#countrydata

https://www.imf.org/en/Countries/GBR#countrydata

https://www.imf.org/en/Countries/CAN#countrydata

https://www.imf.org/en/Countries/FRA#countrydata

https://www.imf.org/en/Countries/ITA#ataglance

https://www.imf.org/en/Countries/USA#countrydata

https://www.imf.org/en/Countries/AUS#countrydata

Australian Associated Press