LATEST AUSTRALIAN BUSINESS NEWS
Australia has recorded its highest annual rate of economic growth in three years, with the latest national accounts showing Australia's gross domestic product grew 0.9 per cent in the June quarter.In a brief article today, the ABC reports that although the 0.9% is down from the surge of 1.6 per cent in the March quarter, it is stronger than widely expected. It comes as unemployment is down to record lows of 4.2% and inflation is safely within the Reserve Bank's 2% - 3% band.
It has been enough to take annual economic growth to 4.3 per cent, a rate unsurpassed since June 2004.
Growth in the last three months has been driven by business and government investment spending.
Household consumption has grown moderately, the housing sector has contracted slightly and the drought is still weighing on the performance of agriculture.
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David