The Australian economy recorded marginal growth in the first quarter of 2022, even though the country suffered from the impacts of the flood crisis and the COVID-19 Omicron variant.
According to the March quarter national accounts, the economy expanded by 0.8 percent, a far cry from the revised 3.6 percent growth in the December quarter. As a result, the annual growth rate was brought down to 3.3 percent from 4.4 percent previously.
“In summary of the national accounts, robust in parts, resilient in parts, but much weaker than what our predecessors were counting on in their budget forecasts,” Treasurer Chalmers told reporters in Canberra on June 1….