Australia toasts 25 years without recession


Australia toasts 25 years without recession SYDNEY: Australia’s resource-rich economy expanded at its fastest annual pace in four years last quarter, clinching a remarkable run of 25 years without recession as surging exports more than made up for a patchy performance at home.

The local dollar held firm at $0.7662 after news gross domestic product (GDP) rose 3.3 per cent in the year to June, up from around 2.9pc the previous quarter.

The value of all goods and services rose 0.5pc compared to the first quarter, when output climbed by an unusually strong 1.0pc.

Growth in the quarter was bolstered by a pre-election spurt in government spending combined with modest gains in household spending and home building.


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