WHAT HAPPENED IN THE MARCH QUARTER?
* The Australian economic system grew 0.2 per cent over the quarter and a couple of.3 per cent in comparison with the identical time final 12 months – the sixth straight quarter of financial development, however the weakest quarterly development because the COVID-19 Delta lockdowns in September quarter 2021
* The unemployment charge for March was 3.5 per cent, a close to 50-year low, with greater than 31,000 individuals discovering employment
* Many Australians took a summer season break, with about 43 per cent of staff working fewer hours than typical throughout January
* High inflation continued, as the buyer value index rose 1.4 per cent in the course of the March quarter and 7 per cent in comparison with final 12 months. The largest hip-pocket hits have been medical and hospital companies, gasoline, vacation journey and lodging
* Retailers skilled the primary fall in discretionary spending (one per cent) since September quarter 2019
* Despite spending much less, households solely saved 3.7 per cent of their revenue in the course of the March quarter – the bottom proportion since June quarter 2008
* A decent jobs market delivered larger pay packets, with the wage value index rising 3.7 per cent in comparison with final 12 months, the best annual rise in additional than a decade
* Fewer new homes have been constructed, down 1.3 per cent, whereas the typical time taken to construct a home rose to about 9 months, up from about six months earlier than the pandemic
* Business funding was robust, particularly within the space of heavy automobiles, whereas spending on large electrical energy and transport tasks was additionally up
Source: www.perthnow.com.au
