The ASX is creeping higher after cooler-than-forecast economic growth figures became the latest in a series of soft data to take pressure off the need for more interest rate rises.
The S&P/ASX200 rose 41.8 points by midday, up 0.48 per cent, to 8,766.2, as the broader All Ordinaries gained 33.7 points, or 0.39 per cent, to 9,001.
Australia's economy grew at 0.3 per cent in the three months to March, undershooting expectations by 0.5 per cent and coming in at 2.5 per cent in annual terms.
The figures followed softer than expected April jobs and inflation figures, lowering the odds the Reserve Bank will have to continue hiking the cash interest rate on its road to temper sticky price growth.
