5206.0 - Australian National Accounts: National Income, Expenditure and Product, Mar 2019 Quality Declaration
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 05/06/2019
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Economy grew 0.4 per cent in March quarter
The Australian economy grew 0.4 per cent in seasonally adjusted chain volume terms in the March quarter 2019, according to figures released by the Australian Bureau of Statistics (ABS) today.
Chief Economist for the ABS, Bruce Hockman, said: “The economy continues to grow as we head towards twenty eight years of sustained growth.”
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 per cent 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.
Mr Hockman added: “The Australian economy continues to grow but more slowly than our long term average of 3.5 per cent."
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