Melbourne: Australia's economy continues to strengthen, underpinned by the government's stimulus measures and a recovery in private-sector demand, Treasurer Wayne Swan said yesterday. "When most advanced economies went into recession, our economy not only continued to grow, but grew solidly," Swan said in an emailed statement. "The economy continues to strengthen."
Australia's economy grew last quarter at the fastest pace in almost two years, with gross domestic product climbing 0.9 per cent from the third quarter, the Bureau of Statistics said March 3.
Prime Minister Kevin Rudd's government is spending A$22 billion (Dh73.3 billion) on roads, railways, ports and schools.
Commodity exports may jump next fiscal year by 15 per cent to A$187 billion, the second-highest level on record, the Canberra-based Australian Bureau of Agricultural and Resource Economics said March 2 in a report.
Reserve Bank of Australia Governor Glenn Stevens, the first Group of 20 central banker to increase interest rates this year, says Australia's economy is running at or near "trend" after skirting last year's worldwide recession.
