A quarterly update from ACTU Economist Donna Hristodoulidis with the current key economic indicators including national accounts, consumer price index, labour force, incomes and financial markets.

Gross Domestic Product grew by 0.2 per cent for the March quarter 2004 down from 1.3 per cent in the December quarter 2003 taking year-ended growth to 3.2 per cent; down from 3.9 per cent in December 2003 quarter year-ended figures.

Low inflation and low unemployment still are the main features of the economy. Inflation rose by 0.9 per cent for the March quarter 2004 to be 2.0 per cent higher for the year well within the RBA’s target band. At 5.5% the unemployment rate is at its lowest level since 1981.

Profits moderated slightly decreasing by 1.9 per cent for the March quarter 2004 to be 4.8 per cent higher than at the same time last year. Wages growth remains moderate.

The RBA held interest rates constant at 5.25 per cent.

This economic outlook – with tables – can be downloaded in PDF form below.