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Australia’s economy hit hard as resources go backwards

Posted on 06 September 2012

A contraction in the mining industry, triggered by lower commodity prices, and tighter household spending more than halved economic growth last quarter, and Treasurer Wayne Swan admits it is becoming harder to deliver a budget surplus.
The economy expanded by 0.6 per cent in the three months ended June and 3.7 per cent from a year earlier. The national accounts showed that falling prices for Australia’s main exports have made companies and households feel poorer………………………………………Full Article: Source


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