Daily Times

Australia’s economy grew by 0.8pc in the first quarter of 2022, beating economists’ expectations. According to figures published by the Australian Bureau of Statistics (ABS) on Wednesday, gross domestic product (GDP) increased 0.8pc in the March quarter and 3.3pc over the past year. Economists had forecast growth of approximately 0.5pc for the quarter and 2.9pc annually. The growth came despite a spike in coronavirus infections and catastrophic flooding hitting much of the country’s east coast throughout January, February and March. The ABS noted that the better-than-expected result was driven by a rise in household consumption and government spending. However, Jim Chalmers, the treasurer under the new Labour government, said the economy is weaker than forecast by the previous government and his predecessor, Josh Frydenberg. “These are glimpses at the mess the former government has left behind for us to clean up,” Chalmers told reporters in Canberra. “You can see in these figures, even with a number on the surface, when it looks relatively robust, is much lower in many instances and what the government was relying on in the forecast in the budget.”