(Australian Associated Press)
KEY FIGURES FROM THE MARCH NATIONAL ACCOUNTS
* GDP fell 0.3 per cent over the March quarter
* Annual growth slowed to 1.4 per cent
* Increased government spending added 0.3 points to GDP
* Net trade added 0.5 points
* Private demand took off 0.8 points, driven by 1.1 per cent fall in household spending
* Household savings to income grew to 5.5 per cent, reflecting a rise in gross disposable income from increased benefits
* 6.2 per cent increase in social assistance benefits – bushfire assistance, more people on welfare and the initial coronavirus support measures
* 0.8 per cent drop in hours worked – largest fall was in final week of March
* OECD average contraction six times bigger than Australian figures
CHANGES TO HOUSEHOLD SPENDING
* 14.5 per cent drop in spending on transport services compared with March 2019
* 12.6 per cent drop in spending on cigarettes and tobacco
* 8.7 per cent drop in spending on hotels, cafes and restaurants
* 6.9 per cent drop in spending on clothes
* 6.3 per cent increase in spending on food
* 4.7 per cent increase in spending on alcohol
* 3.6 per cent increase in spending on communications
(Source: Australian Bureau of Statistics)
