Australia’s economy grows by 4.3 per cent 8 June 2012 Australia's economy has posted growth of 4.3* per cent – a remarkable figure during a time of economy uncertainty around the world. GDP rose 1.3 per cent in the March quarter alone. Australia's Treasurer, Wayne Swan, said that just-released Australian National Accounts "paint an extraordinary picture of exceptional growth in the March quarter, and showcase the rock-solid economic fundamentals which put our economy in a league of its own, despite ongoing global turbulence". "This is a remarkable outcome and reaffirms Australia’s position as one of the strongest economies in the world," Mr Swan said. "These figures come at a time when many advanced economies are struggling to grow at all, with a number of economies already in recession and suffering crippling levels of unemployment." He said that the figures provide more compelling evidence that Australia’s economy is very well positioned to meet any challenges thrown at it by turbulence in Europe or broader uncertainty in parts of the global economy. Mr Swan added that the outlook for investment in Australia is extremely positive, and supported by a record pipeline of planned investment, particularly in resources. In further evidence of Australia’s resilient economy, the IMF, in its April 2012 World Economic Outlook, confirmed that Australia’s economic fundamentals are strong, with real GDP growth projected to outperform every major economy in 2012 and 2013. *March Quarter 2011 - March Quarter 2012 More information |