GDP figures shows Australia in good place among other countries: Treasurer
2011-12-07 17:29:23
Australian federal Treasurer Wayne Swan on Wednesday said the latest gross domestic product (GDP) figures showed Australia is better placed to face a turmoil global economy than just about any other country.
Australian Bureau of Statistics figures released on Wednesday showed GDP growth of one percent in the three months to the end of September in seasonally adjusted terms. This was the second consecutive quarter of solid growth, and rebounding from the impact of the natural disasters at the start of the year. "Today's figures are an exceptional outcome, particularly at a time when most economies are struggling to grow at all and are suffering mass unemployment," Swan told reporters in Canberra.
"Businesses are still investing with confidence, growth and consumption is solid, incomes are rising and unemployment remains low,"
"It's yet another indicator of how well placed we are compared to other advanced economies."
In the year to September the economy grew by 2.5 percent, much higher than forecast, helped by the upward revision to June quarter growth.