• The Australian economy grew by more than 3 per cent over the year to the March quarter, above estimates of the economy’s potential rate of growth.
  • GDP growth in the March quarter was stronger than expected, largely as a result of a significant expansion in the volume of resource exports
  • 2016 GDP growth of 2.5% -3.5%.
  • Household consumption continued to grow at around its decade-average pace in early 2016.
  • The unemployment rate has been steady at around 5¾ percent
  • Growth is forecast to be around 2½–3½ per cent over the year to the December quarter 2016
  • Expected 2017 and 2018, core inflation was 1.5% -2.5%.
  • Until 2018, the unemployment rate fell slightly, employment growth will moderate this year.
  • Wage growth remains low, 2018 to rise slowly.
  • Mining investment dragged down the GDP seems to have peaked, non-mining performance is still sluggish.

The next Statement is due for release on 4 November 2016