Australia marks 26 yrs without recession

AFP, SYDNEY:  Australia marked a world-record 26 years without a recession yesterday, as the economy grew 0.3 per cent in the first-quarter, official data showed. 
The Australian Bureau of Statistics put the annual rate of growth at 1.7 per cent, down from 2.4 per cent in the previous three months. 
The soft quarterly reading was widely expected by analysts amid the impact of category four Cyclone Debbie on eastern Australia in late March, weaker trade figures and tepid wages growth. 
“The results today demonstrate the continued resilience of the Australian economy,” Treasurer Scott Morrison told reporters. 
The Australian dollar rallied by a quarter of a US cent to 75.27 cents just after the data was released, as some analysts had predicted a negative first-quarter reading. 
Australia last recorded two negative quarters of economic growth in March and June 1991, before enjoying 103 quarters without a recession to equal the record set by the Netherlands. 
Economists said the resources-rich nation’s long stretch of expansion was supported by economic reforms in the 1980s and 1990s, such as the floating of the local currency, a flexible labour market, financial sector and capital markets deregulation and lower tariffs. 
Australia has also benefited from China’s economic growth and hunger for natural resources, which led to an unprecedented mining investment boom and record commodity prices. 

Australia marks 26 yrs without recession

AFP, SYDNEY: Australia marked a world-record 26 years without a recession yesterday, as the economy grew 0.3 per cent in the first-quarter, official data showed. The Australian Bureau of Statistics put the annual rate of growth at 1.7 per cent, down from 2.4 per cent in the previous three months. The soft quarterly reading was widely expected by analysts amid the impact of category four Cyclone Debbie on eastern Australia in late March, weaker trade figures and tepid wages growth. The results today demonstrate the continued resilience of the Australian economy, Treasurer Scott Morrison told reporters. The Australian dollar rallied by a quarter of a US cent to 75.27 cents just after the data was released, as some analysts had predicted a negative first-quarter reading. Australia last recorded two negative quarters of economic growth in March and June 1991, before enjoying 103 quarters without a recession to equal the record set by the Netherlands. Economists said the resources-rich nations long stretch of expansion was supported by economic reforms in the 1980s and 1990s, such as the floating of the local currency, a flexible labour market, financial sector and capital markets deregulation and lower tariffs. Australia has also benefited from Chinas economic growth and hunger for natural resources, which led to an unprecedented mining investment boom and record commodity prices.