The economy stuttered during the three months to the end of June, undermined by reduced mining and construction activity coupled with a decline in exports.
Wednesday’s national accounts showed the economy grew at a feeble 0.2% in the June quarter, half the rate expected by economists. It compares with 0.9% growth in the previous three months – one of the fastest quarterly expansions in the world during that period.
Annual growth has slowed to just 2%, well below its long-term average of 3% to 3.25%.
The treasurer, Joe Hockey, insisted the latest growth figures were in line with his budget forecasts and came at a time when other commodity-based countries were in recession.
Via The Guardian
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