Australian economy grew 0.4% in Q1

In BICSI Bytes, Newsby info@bicsi.com.au

The Australian economy grew 0.4% in seasonally adjusted chain volume terms in Q1 2019, according to recent figures from the Australian Bureau of Statistics (ABS).
Commenting on the figures, ABS Chief Economist, Bruce Hockman said: “The economy continues to grow as we head towards 28 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% to growth, reflecting reduced spending on discretionary goods such as furnishing and household equipment, recreation and culture.
“Dwelling investment continued to detract this quarter. The slowing housing market has resulted in significant falls in ownership transfer costs, particularly stamp duty.
“The Australian economy continues to grow, but more slowly than our long-term average of 3.5%.”