Australia’s economic growth slows in March quarter despite rise in household spending

GDP figures show annual rate of growth in the Australian economy declined from 4.2% in December quarter to 3.3% in first three months of 2022

Australia's economic growth slowed in the March quarter as rising spending by households, businesses and governments could not counter a dive in net exports.

In the first three months of 2022, gross domestic product rose to an annual rate of 3.3%, the Australian Bureau of Statistics said. That eased from the earlier reported annual pace of 4.2% and compared with about 3% forecast by economists.