The Australian economy grew 1.0 per cent in seasonally adjusted chain volume terms in the March

The Australian economy grew 1.0 per cent in seasonally adjusted chain volume terms in the March quarter 2018 led by growth in exports of mining commodities, according to figures released by the Australian Bureau of Statistics (ABS) today.

Chief Economist for the ABS, Bruce Hockman, said: "Growth in exports accounted for half the growth in GDP, and reflected strength in exports of mining commodities."

Mining industry Gross Value Added grew 2.9 per cent during the quarter. Production of coal, iron ore and liquefied natural gas showed strong increases.

Private non-financial corporations profits increased by 6.0 per cent in the March quarter, the strongest increase in the past year. "The rise in profits was consistent with the strong increase in mining exports coupled with a lift in the terms of trade this quarter." Mr Hockman added.

Private investment contributed to GDP growth with continued strong investment in machinery and equipment, and was particularly strong in the non-mining sector. Growth in the construction of new dwellings fell slightly, but the recent high levels continued, consistent with the number of building approvals observed in recent months.