Latest figures show economic growth

Submitted 3/06/2010

AAP


Australians should feel confident after the latest growth figures showed another solid showing in the economy, Treasurer Wayne Swan says. The Australian economy grew by 0.5 per cent in the first three months of the year, a slower pace than in the previous quarter, Australian Bureau of Statistics reported today. Mr Swan said it was another sign Australia had weathered the global economic downturn. "Today's national accounts report a solid outcome for the Australian economy in the March quarter," he said. "Australians should take confidence from another good outcome for an economy that has defied recession," Mr Swan said, adding Australia continued to be one of the strongest economies in the developed world. "This is more evidence that we got in and did what was necessary during the global recession." The positive outcome for the quarter provided "tentative" signs that a self-sustaining private sector recovery was in prospect, although growth still relied on public infrastructure investment. "The Government's infrastructure investment is continuing to support demand, providing necessary targeted support to those parts of the economy where it is most needed," Mr Swan said. A rise in household consumption of 0.6 per cent in the quarter reflected Australia's strong employment outcomes and strengthening incomes growth.