It is a stunning outcome. The Australian economy grew in the March quarter. Strong growth in exports have offset the weak performance in private investment. In the absence of two consecutive quarters of negative growth we are technically not in recession – nor have we been in recession for nearly 20 years.
There has been a lot of whining in the press about the decline in private investment but if anything we were experiencing an investment boom which took over from the property market boom. The current declines represent a tapering off of that boom.