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The pace of national economic growth continues to slow but there is no indication that financial chaos in the United States will impact negatively on Australia.
According to Melbourne Institute, real GDP slowed to 2.7 per cent in the June quarter. It predicts GDP to slow to just above two per cent over the coming four quarters.
“Though the global outlook remains gloomy and the prospect of a world recession is rising there are no signs of economic contraction in Australia,” said Melbourne Institute research fellow Edda Claus.
“There is no indication that the current US financial crisis is spreading to the Antipodes,” Dr Claus said.
Published: 22-09-08
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