Australia sets economic growth record

Australia set a new world record on 30 June 2012 of 21 years of continued economic growth - an achievement unmatched by any other developed country in recent times. While the global economic crisis endured, Australia's trade with Asia, mining industry, and business supportive government drove positive growth for the country in 2012.

Each of the first three quarters of the 2011/2012 Australian financial year reported positive economic growth of 1.0 percent, 1.0 percent and 0.9 percent respectively according to the Australian Bureau of Statistics. Exact growth for the fourth quarter will be reported by September, but it is forecasted by HSBC to continue the positive growth pattern.

"The Australian economy has proven itself to be dynamic and robust over the past 20 years," said PricewaterhouseCoopers Economics and Policy leader Jeremy Thorpe. "Australia's economic strength is envied across the world. Thanks to a resilient natural resources sector, the Australian economy is well positioned for future growth."

Source: Invest Victoria

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