The Australian economy is broadening beyond mining exports and growing faster than most other developed countries, says Treasurer Joe Hockey.
Officials figures released on Wednesday showed the economy grew by 0.9 per cent in the March quarter and by 2.3 per cent over 12 months to March.
The March quarter growth follows a 0.5 per cent rise in GDP for the December quarter, the Australian Bureau of Statistics said.
"This growth is broad-based," Mr Hockey told reporters in Canberra.
"Growth in exports, household spending, services and new dwellings confirms that the government's economic plan is working."
Mr Hockey noted the growth occurred before the May budget, which was designed to stimulate the small business sector through tax breaks.
The 0.9 per cent figure makes Australia one of the fastest growing economies in the developed world and faster than any of the G7 countries for the quarter.
The five per cent growth in exports - largely minerals - was the strongest quarterly result in 15 years.
But services exports - such as tourism, education and professional services - were up eight per cent over the past year in line with rising demand from Asia.
However, Mr Hockey noted business investment fell 3.5 per cent in the quarter, largely due to mining investment slowing.
"Today's national accounts show the deep resilience of the Australian economy. A rebalancing of growth is taking place with roadblocks being removed," Mr Hockey said.
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