Australian Bureau Of Statistics
Economy Grew 0.4 % In March Quarter
Victor P Taffa
Australian economy grew 0.4 % in seasonally adjusted chain volume terms in the March quarter 2019, according to figures released by the Australian Bureau of Statistics (ABS).
“Economy continues to grow as we head towards 28 years of sustained growth.” Chief Economist for the ABS Bruce Hockman said.
Government spending was the main contributor to growth reflecting ongoing delivery of services in disability, health and aged care.
Household spending slowed and contributed a modest 0.1 % to growth reflecting reduced spending on discretionary goods such as furnishing and household equipment, recreation and culture and hotels, cafes and restaurants.
Dwelling investment continued to detract this quarter. The slowing housing market has resulted in significant falls in ownership transfer costs, particularly stamp duty.
“Australian economy continues to grow but more slowly than our long-term average of 3.5 %.” Mr. Hockman said.