Australia extended its streak of almost 26 years without recession at the start of 2017, in one of the world's longest periods of economic expansion for a rich country.

The Australian economy expanded by 0.3pc in the first three months of this year, following 1.1pc quarterly growth at the end of 2016, according to the Australian Bureau of Statistics (ABS).

This means the economy has enjoyed 103 quarters without a technical recession - defined as two straight quarters of economic decline.

Australia last fell into recession in 1991, and continued to expand during the depths of the Great Recession as Chinese stimulus boosted demand for the country's commodities.