It's a g'day as growth continues in Australia
AUSTRALIA, the destination for many Irish people fleeing the economic crisis here in Ireland, said its economy expanded for a fifth straight quarter as government-stimulus spending helped counter consumer demand that weakened after the Group of 20's most aggressive interest-rate increases.
Gross domestic product rose 0.5pc in the three months to March 31 from the previous quarter, the Bureau of Statistics said in Sydney yesterday. That followed revised growth of 1.1pc in the last quarter of 2009, the most in almost three years.
Australia's jobless rate, less than half the Irish rate, has been luring Irish people to the country for two years.
The number of Irish people granted residence visas to live in Australia increased by a quarter last year to 2,501 while a further 22,786 people under 35 years of age took up working holiday visas.
Australia's dollar strengthened after yesterday's report as investors bet the central bank may resume raising interest rates in the coming months after pausing yesterday for the first time in four meetings. Policy-makers expect the nation's economic growth to almost double in the next two years.