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Money 'More utes' sign of a strong economy: Treasurer

03:07  07 june  2018
03:07  07 june  2018 Source:   msn.com

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' More utes ' sign of a strong economy : Treasurer . The Federal Treasurer says tradespeople and their utes are part of the reason the economy is continuing to grow, despite households spending less than the last quarter.

(Read More : Outlook for China's Economy Just Keeps Getting Worse). That's precisely the good news for the stock market. My view is an acceptable economy is best for the stock market. If you get a strong economy , the Fed will disappear and we'll get inflation.

The Federal Treasurer says tradespeople and their utes are part of the reason the economy is continuing to grow, despite households spending less than the last quarter.

New figures from the Australian Bureau of Statistics show the economy grew by one percent to March.

While household spending grew by 0.3 percent, Treasurer Scott Morrison says that was largely due to spending on energy bills and furniture.

a man wearing a suit and tie: Scott Morrison has welcomed new figures showing the Australian economy grew in the past quarter. (AAP) © Provided by Nine Digital Pty Ltd Scott Morrison has welcomed new figures showing the Australian economy grew in the past quarter. (AAP)

Households had cut back on spending on things like eating out at cafes, restaurants, and alcohol.

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Treasurer Scott Morrison says he hopes the NSW Blues get as decent a result in Wednesday's This lifted the annual growth rate to 3.1 per cent - faster than most economists had predicted. time an Australian sees a ute with a phone number on the side, that's the sign of a stronger economy ," Mr

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"If we look at the last quarter when it was up by one percent we saw actually pretty much the reverse of what we saw this quarter, we saw discretionary items fuelling consumption growth in December quarter," Mr Morrison said.

"This will change from quarter to quarter and we've got to be careful not reading too much into one quarter's results.

"Obviously you'd want it closer, you know, on the other of side of 0.5 percent.

"The consumption side of things will always be important and that's why the personal tax plan we have laid out, we believe is incredibly important."

a car parked in front of a truck: Mr Morrison said more utes being used was a sign of a strengthening economy. (AAP) © Provided by Nine Digital Pty Ltd Mr Morrison said more utes being used was a sign of a strengthening economy. (AAP)

The figures also showed Australian households were saving less than the previous quarter, while still around about the same levels or higher than those of the Howard-Costello period and helped by the fact interest rates have continued to stay low.

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As Secretary of the Treasury , Mr. Mnuchin is responsible for the executive branch agency whose mission is to maintain a strong economy , foster economic growth View more presentations from United States Department of the Treasury . (click on an image for a full size, downloadable version).

This lifted the annual growth rate to 3.1 per cent - faster than most economists had predicted. The treasurer said Australia's growth was above the OECD average and better than all the G7 time an Australian sees a ute with a phone number on the side, that's the sign of a stronger economy ," Mr

The Opposition said households were continuing to struggle, while wage growth was stagnant.

Shadow Treasurer Chris Bowen said, "we see that households continue under strain, that is highlighted by today's figures."

In welcoming the majority of the figures, Mr Morrison pointed to a 26 percent rise in industrial transport, including use of utes, as a signal things are on the way up, and part of the reason the economy grew one percent in the last quarter.

"One of the signs of a strong economy was always cranes on the skyline. Every time Australians see a ute driving around, with a phone number on the side, that's a sign of a stronger economy. We are seeing this played out with all of our traits," Mr Morrison said.

"People are building up their inventories to sell more utes and businesses are out there buying more utes."

Industrial transport rose 26 percent in the past quarter. (AAP) © Provided by Nine Digital Pty Ltd Industrial transport rose 26 percent in the past quarter. (AAP)

But when questioned over whether he thought the positive figures were a sign the company tax cut might not be as necessary as originally thought, Mr Morrison said the time was still right.

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As Secretary of the Treasury , Mr. Mnuchin is responsible for the executive branch agency whose mission is to maintain a strong economy , foster economic growth, and create job opportunities by promoting the Home » About » Organizational Structure » Offices » Treasurer of the United States.

As Secretary of the Treasury , Mr. Mnuchin is responsible for the executive branch agency whose mission is to maintain a strong economy , foster economic growth In addition, the Treasurer serves as a senior advisor to the Secretary in the areas of community development and public engagement.

"We want more investment, we want more investment. I want, shiploads of investment, shiploads," he said.

But his plans for personal tax cuts have taken another hit, with Independent Senator Tim Storer revealing he won't back the bill that plans for the next 10 years unless it's split, so he can approve the first phase of cuts separately.

a person standing in a room: New figures show the economy grew by one percent to March. © Provided by Nine Digital Pty Ltd New figures show the economy grew by one percent to March.

The government has said it won't split the bill, and Pauline Hanson's One Nation has indicated it will not be supporting the Coalition's 10-year plan.

Neither Labor nor the Greens will support it, meaning the government won't get a majority in the Senate.

Opposition leader Bill Shorten said" "The more you scratch the surface of this government's so-called better plan in seven years' time. We've discovered that 62 percent of the benefit is going to the top 20 percent, I don't think many people think that's very fair."

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