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Dollar surges on strong economic growth

Business

The Australian dollar is pushing towards 73 US cents after the release of stronger than expected economic growth figures.

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The economy grew by 1.1 per cent in the March quarter, well above expectations of 0.7 per cent, taking the annual rate to 3.1 per cent.

At 1135 AEST the Australian dollar was trading at 72.86 US cents, up from 72.38 US cents before the data was released.

The national accounts released on Wednesday showed the economy grew by a strong 1.1 per cent in the March quarter, led by a solid one percentage point contribution from exports and a 0.4 percentage point support from household consumption.

However, the strong result lessens the need for a further cut in official interest rates.

Prime Minister Malcolm Turnbull, on the campaign trail in Brisbane, said there were strong signs in the accounts.

“So far, so good,” he told reporters.

“We are seeing strong growth in jobs but we are seeing, however, signs that we cannot be complacent.”

He said the strong growth figures didn’t happen by accident and requires a clear economic plan and strong economic leadership.

AAP

 

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