By Shane Wright
Publication Date: 2026-06-03 02:07:00
Australia’s economy grew 0.3 percent in the first three months, driven by consumer spending and companies setting up data centers to take advantage of the AI revolution.
The Australian Bureau of Statistics reported the increase on Wednesday morning, which was in line with market expectations and meant annual growth was steady at 2.5 percent.
Household spending rose 0.5 percent last quarter, partly due to increased spending on electricity and gas due to the end of government subsidies.
Spending on essential goods rose 0.8 percent, but discretionary spending rose only 0.1 percent.
“Rising interest rates and significantly higher fuel costs in March likely created an environment for more cautious consumer behavior,” said Grace Kim, head of national accounts at the bureau.
March quarter results come before the fuel tax cut, which helped…
