The government has put a positive spin on slower than expected economic growth, saying the figures are only slightly below expectations and budget measures proposed by the Coalition will strengthen the economy.
Australian Bureau of Statistics data released on Wednesday shows the economy grew by 0.3% in the September quarter, taking the yearly growth figure to 2.7%.
The Australian dollar fell below 84 US cents for the first time since 2010, which Joe Hockey said was very welcome.
Gross domestic product growth was expected to rise by 0.7% in the September quarter to take the yearly rate up to 3.1%, according to an Australian Associated Press survey of economists.
The treasurer said the growth figures were “marginally lower” than the government expected, mainly because of falling commodity prices, which “have come off very very significantly”.
via The Guardian