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Yesterday’s national accounts revealed Australia has avoided recession and outperformed every other advanced economy in the first quarter of the year – but it could be too soon to celebrate, the government has warned.
GDP rose by a surprise 0.4 per cent in the March quarter, the ABS said, a testament to the government’s stimulus strategy, according to federal treasurer Wayne Swan.
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“Crucially, without the government's stimulus payments, Treasury estimates the Australian economy would have contracted in the March quarter by around 0.2 per cent,” he said yesterday.
“Despite the positive GDP result, today's data provides clear evidence that the global recession is hitting the Australian economy, and reinforces the urgent need for the government's nation building investments to support economic activity and jobs until global conditions improve.
“The Australian economy is not out of the woods yet,” he continued, “but the government’s economic stimulus strategy is clearly helping cushion Australia from the worst impacts of the global recession.”
