Australia hails outstanding economic growth

16:30, September 01, 2010      

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Australian federal government said Wednesday's national accounts for the June quarter are " outstanding" with the economy growing at its fastest pace in three years.

The economy grew at 1.2 percent in the June quarter for an annual rate of 3.3 percent, stronger than expected by economists.

In a joint statement, Prime Minister Julia Gillard and Treasurer Wayne Swan said the economy continues to outperform most other advanced economies despite renewed uncertainty in the global economy.

"This is an outstanding outcome that all Australians can be proud of," the statement said.

"It shows the Australian economy continues to benefit from strong economic management as well as the hard work and resilience of the Australian people."

"Today's data provide further evidence that a broad-based self- sustaining private sector recovery is gathering momentum as fiscal and monetary stimulus is withdrawn," it said.

"This result shows Australia's economic recovery is proceeding as expected, placing Australia in a strong position to deliver important economic reforms and tackle future global economic challenges with confidence."

It said solid business confidence and increased profitability is expected to underpin strong growth in investment in coming quarters.

The national accounts also showed Australia achieved its highest quarterly trade surplus on record in the June quarter.



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