The Australian economy recorded a growth in GDP growth, according to the Australian Bureau of Statistics, abs, by about 0.2% in the first quarter of this year 2023 ending in March, compared to a growth in the fourth quarter of last year, by about 0.6% in the revised reading, while expectations indicated a growth of about 0.3 %, on an annual basis, gross domestic product rose to 2.3% from 2.7% compared to March of last year, recording the slowest pace of growth in a year and a half.

The report showed that trade exchange rates increased by 2.8% in the first quarter, while household savings rates declined to 3.7% from 4.4%.