Malcolm Turnbull has grasped the latest economic growth figures to show his government has kept to its "jobs and growth" promise which dominated the 2016 federal election.
Electioneering in the Queensland seat of Longman ahead of next month's by-election, the prime minister pointed to Wednesday's national accounts that showed the economy grew by a robust one per cent in the March quarter for 3.1 per cent over the year.
This came on top of the record number of jobs created in 2017.
"In 2016 we promised jobs and growth and that is what we're delivering," Mr Turnbull told reporters in Brisbane.
"Growth is up, jobs are up, better prospects for everyone."
However, it's early days yet but the solid contribution from exports which buoyed the economic growth numbers may struggle to be repeated in the next set of national accounts.
Monthly international trade figures released on Thursday showed exports declined two per cent in April.
While the trade surplus was still a relatively healthy $977 million, it was a marked contraction from the $1.7 billion in March and a monthly average $1.4 billion over the March quarter.
Exports had contributed 0.3.5 percentage points to growth in the March quarter.
JP Morgan economist Tom Kennedy said coal exports were unexpectedly strong in early 2018 following supply disruptions in the final three months of 2017.
"Today's data suggest a repeat performance is unlikely in (the June quarter), especially given exporters are now butting up against capacity constraints," Mr Kennedy said.
"It is a similar story for iron ore producers, where most major mines are now also running close to capacity."
A Westpac survey of small and medium-sized businesses also proved disappointing, both in views on the outlook and the May budget.
The Westpac-Melbourne Institute SME index, which examines the health of this business sector, fell 4.7 per cent, while less than a third thought the budget would improve the economy as a whole.
"Despite an optimistic start to 2018 and some improvement in trading conditions, the pick-up has not been as strong as businesses expected," Westpac senior economist Matthew Hassan said.
"While it looks to have been relatively well-received, the federal budget boost has not been enough to offset the disappointment around trading conditions and continued pressures on SME profitability."
