The Australian economy grew 0.6% in the June quarter, representing a +1.8% increase year-on-year, beating the median forecast by economist of 0.5% after the official report was released by Australian Bureau of Statistics (ABS) in Sydney earlier today.
Tom Lay, ABS head of national accounts, said the June data revealed a rebound from the March quarter heavily impacted by seasonal events.
“Economic growth rebounded in the June quarter following subdued growth in the March quarter, which was heavily impacted by weather events,” Lay says.
Housing spending was 0.9% higher in the June quarter as discretionary spending gained traction towards the end of the financial year while state government expenditure moderated and outlays at the national level rose.
Growth in exports, particularly iron ore and gas rebounded after the weather impacts at the start of the year weighed on activity in the March quarter.
The Australian dollar rose on the news, trading at 65.24 US cents at 11:55pm.
|Write to Dan Petrie at Mining.com.au
Images: Fremantle Ports
