Australian economy back in growth

The Australian economy eked out growth of 0.4% in the first quarter with the government claiming figures released today show its stimulus package is taking effect.

The new Australian Bureau of Statistics data, which showed 0.4% growth to the year ending March – the lowest annual growth rate since 1991 – means that Australia has technically avoided recession.

A recession is defined as two consecutive quarters of economic contraction. The economy contracted by 0.6% in the three months through December.