AFP, Sydney :
Australia’s economy has shrugged off a sluggish start to the year, boosted by government and consumer spending with the nation extending its record run of growth, official data showed Wednesday.
Economic growth for the second-quarter was 0.8 percent, after 0.3 percent in January-March, to take the annual rate of expansion to 1.8 percent, the Australian Bureau of Statistics said.
“Today’s national accounts for the June quarter reveal solid and more balanced growth for our economy,” Treasurer Scott Morrison told reporters in Canberra.
“(It confirms) the emerging national economic consensus of the better-days-ahead outlook that I referred to in this year’s budget.”
The stronger reading came after the economy marked a world-record 26 years without a recession, even as growth slowed at the beginning of the year with the impact of category four Cyclone Debbie on eastern Australia.
The Australian dollar slipped slightly below 80 US cents after the data release, with investors disappointed that the latest GDP reading was marginally softer than some analysts’ estimates.
The figures showed that household spending rose by 0.7 percent and government expenditure by 1.2 percent, while exports of goods and services increased by 2.7 percent for the period.
The Australian economy has charted a rocky path as it transitions away from an unprecedented mining boom, with the Reserve Bank of Australia cutting interest rates to a record-low of 1.50 percent.
Australia’s economy has shrugged off a sluggish start to the year, boosted by government and consumer spending with the nation extending its record run of growth, official data showed Wednesday.
Economic growth for the second-quarter was 0.8 percent, after 0.3 percent in January-March, to take the annual rate of expansion to 1.8 percent, the Australian Bureau of Statistics said.
“Today’s national accounts for the June quarter reveal solid and more balanced growth for our economy,” Treasurer Scott Morrison told reporters in Canberra.
“(It confirms) the emerging national economic consensus of the better-days-ahead outlook that I referred to in this year’s budget.”
The stronger reading came after the economy marked a world-record 26 years without a recession, even as growth slowed at the beginning of the year with the impact of category four Cyclone Debbie on eastern Australia.
The Australian dollar slipped slightly below 80 US cents after the data release, with investors disappointed that the latest GDP reading was marginally softer than some analysts’ estimates.
The figures showed that household spending rose by 0.7 percent and government expenditure by 1.2 percent, while exports of goods and services increased by 2.7 percent for the period.
The Australian economy has charted a rocky path as it transitions away from an unprecedented mining boom, with the Reserve Bank of Australia cutting interest rates to a record-low of 1.50 percent.
