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The Australian economy expanded by 0.3 per cent through the first three months of the year, driven by consumer spending and businesses rolling out data centres to harness the AI revolution.
The Australian Bureau of Statistics reported this morning the lift, in line with market expectations, meant annual growth eased slightly from 2.6 per cent to 2.5 per cent.
Household spending lifted by 0.5 per cent last quarter, driven in part by extra expenditure on electricity and gas due to the end of government subsidies.
Spending on essentials rose by 0.8 per cent but discretionary expenditure by just 0.1 per cent.
“Rising interest rates and significantly higher fuel costs in the March month likely created an environment for more cautious consumer behaviour,” the bureau’s head of national accounts, Grace Kim, said.
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