Economic growth offset by fall in public investment
THE nation's economy grew by 0.6% in the March quarter, on the back of growth in finance, mining, transport and retail, figures released on Wednesday show.
Data from the Australian Bureau of Statistics showed growth during the quarter was driven by 1% growth in net export and 0.3% growth in household final consumption.
However, those rises were offset by a 0.9% fall in public investment and a 0.4% fall in changes in inventories.
Treasurer Wayne Swan said the figures showed how the government's policies were helping in the transition from strong mining growth to non-mining sector growth.
But Shadow Treasurer Joe Hockey said Mr Swan was "proud of mediocrity" in his economic plans.