Australia government spending rises in Q1, adds to growth
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A view of Brighton Beach in front of the Melbourne skyline during sunset in Melbourne, Australia, July 19, 2023. REUTERS/Hannah Mckay/file photo
SYDNEY (Reuters) - Australian government spending rose in the March quarter to make a much needed contribution to economic growth, data showed on Tuesday, helping offset a steep drag from net exports.
Spending on operational items rose 1.0% in the first quarter from the previous quarter to an inflation-adjusted A$135.7 billion ($90.61 billion), the Australian Bureau of Statistics (ABS) reported.
Total investment in fixed assets by the government and public enterprises fell 0.9% to A$33.1 billion. In all, the ABS estimated total public demand added 0.2 percentage points to March-quarter gross domestic product (GDP).
($1 = 1.4977 Australian dollars)
(Reporting by Wayne Cole; Editing by Jacqueline Wong)
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