Growth in Australian Economic Figures Breaks World Record

As shown in the official figures, the Australian economy expanded by 0.3 percent in Q1 and gained 1.7 percent in the past 12 months until March. According to projections of economists, the country will only earn 0.1 percent but the economic growth beat expectations reaching 1.4 percent in the previous year up to March 2017. This indicates that Australia has set the newest record for the longest continuous growth.

The gross domestic product of the nation increased by 1.1 percent during the December quarter based on the report issued on Wednesday by the Australian Bureau of Statistics (ABS)

Treasurer Scott Morrison stated that most of the Australian households are struggling, as they ensured the budget will secure essentials including healthcare and school finances while minimizing the downward pressure towards the cost of living which involves childcare, rental fees, and electricity bills.

Mr. Morrison added that the government predicted that there will be a slacking growth upon employing the budget for this year and despite the latest figures, more opportunities for improvement runs ahead of the economy. He said that their biggest challenge still lies on wages with modest to low levels while an approximately 200,000 number of jobs were produced previously and there are 70,000 laborers awaits in March quarter.