TREASURER Wayne Swan today hailed the latest economic growth figures as "a great day for Australia and for all of the people who work hard to make our economy strong."
Australia's economy posted a stronger-than-expected economic growth rate of 4.3 per cent per cent for the past year, despite global economic turmoil.
The Australian Bureau of Statistics said today growth was 1.3 per cent in the first three months of this year.
The report card for the March quarter said economic growth was boosted by a surge in business investment and a surprising lift in household spending.
Mr Swan said the figures were "stunning'' and "paint a picture of exceptional growth''.
Victoria posted the third-strongest growth rate among the states of 2.7 per cent for the year to March - but it was eclipsed by the mining powerhouses of Western Australia and Queensland.
NSW was the worst mainland state with growth of 1.9 per cent, while in Tasmania it fell by 0.8 per cent.
"The country should have a bounce in its step today," Mr Swan said.
"I just think it’s a great day for Australia and for all of the people who work hard to make our economy strong."
He said it showed the Opposition's attack on the economy not being able to cope with the introduction of the carbon tax was ridiculous.
"I see these figures as a victory for the optimists over the pessimists,'' Mr Swan said.
But he said not everyone was in the "fast lane" of the economy.
"There are sectors of the economy that are doing it tough. Workers in the aluminium industry are part of that," he said.
"What we have to do as a community is get behind them as much as we possibly can and make sure that we support them if they lose their jobs.
"There are going to be jobs lost in sectors of the Australian economy, that is very clear, because sectors of the Australian economy are under stress.
However, net exports - or exports minus imports - trimmed 0.5 percentage points from GDP.
While conceding not all parts of the economy were booming, Mr Swan said half a trillion dollars of business investment in the pipeline would provide an anchor in the face of global uncertainty.
Prime Minister Julia Gillard said the data proved the "doomsayers and sceptics" wrong.
"It is truly remarkable, at a time when European nations are going backwards and many nations are really staggering to try to put one foot in front of the other when it comes to growth, that we are surging ahead," she told reporters in Sydney.
The unexpected growth surge in the national accounts data came just 24 hours after the Reserve Bank of Australia (RBA) cut the official cash rate for the second month in a row.
RBA Governor Glenn Stevens on Tuesday announced a cut in the official cash rate of 25 basis points to 3.5 per cent, saying the board was concerned about developments in Europe.
The four major banks - ANZ Bank, Commonwealth, National Australia Bank and Westpac - have yet to announce their response to the latest rate reduction, having only partially passed on the 50-basis-point cut in May.
Mr Swan said he did not believe the major banks when they say they cannot afford to pass on the latest official rate cut.
He said the banks' offshore borrowing costs or the cost of domestic deposits were not valid excuses for them to withhold a cut.
He acknowledged there was vulnerability with offshore funding, but most of the banks had secured funding for "some time now".
Australia's economy posted a stronger-than-expected economic growth rate of 4.3 per cent per cent for the past year, despite global economic turmoil.
The Australian Bureau of Statistics said today growth was 1.3 per cent in the first three months of this year.
The report card for the March quarter said economic growth was boosted by a surge in business investment and a surprising lift in household spending.
Mr Swan said the figures were "stunning'' and "paint a picture of exceptional growth''.
Victoria posted the third-strongest growth rate among the states of 2.7 per cent for the year to March - but it was eclipsed by the mining powerhouses of Western Australia and Queensland.
NSW was the worst mainland state with growth of 1.9 per cent, while in Tasmania it fell by 0.8 per cent.
"The country should have a bounce in its step today," Mr Swan said.
"I just think it’s a great day for Australia and for all of the people who work hard to make our economy strong."
He said it showed the Opposition's attack on the economy not being able to cope with the introduction of the carbon tax was ridiculous.
"I see these figures as a victory for the optimists over the pessimists,'' Mr Swan said.
But he said not everyone was in the "fast lane" of the economy.
"There are sectors of the economy that are doing it tough. Workers in the aluminium industry are part of that," he said.
"What we have to do as a community is get behind them as much as we possibly can and make sure that we support them if they lose their jobs.
"There are going to be jobs lost in sectors of the Australian economy, that is very clear, because sectors of the Australian economy are under stress.
However, net exports - or exports minus imports - trimmed 0.5 percentage points from GDP.
While conceding not all parts of the economy were booming, Mr Swan said half a trillion dollars of business investment in the pipeline would provide an anchor in the face of global uncertainty.
Prime Minister Julia Gillard said the data proved the "doomsayers and sceptics" wrong.
"It is truly remarkable, at a time when European nations are going backwards and many nations are really staggering to try to put one foot in front of the other when it comes to growth, that we are surging ahead," she told reporters in Sydney.
The unexpected growth surge in the national accounts data came just 24 hours after the Reserve Bank of Australia (RBA) cut the official cash rate for the second month in a row.
RBA Governor Glenn Stevens on Tuesday announced a cut in the official cash rate of 25 basis points to 3.5 per cent, saying the board was concerned about developments in Europe.
The four major banks - ANZ Bank, Commonwealth, National Australia Bank and Westpac - have yet to announce their response to the latest rate reduction, having only partially passed on the 50-basis-point cut in May.
Mr Swan said he did not believe the major banks when they say they cannot afford to pass on the latest official rate cut.
He said the banks' offshore borrowing costs or the cost of domestic deposits were not valid excuses for them to withhold a cut.
He acknowledged there was vulnerability with offshore funding, but most of the banks had secured funding for "some time now".
Dadecated link for Go Daddy.com Just ez2.me
Remember nick name for Godaddy.com www.ez2.me Tell your friends about Easy To Me, Go Daddy,s Approved affiliate
Next time for Go Daddy: Easy to you just www.ez2.me
Dadecated link for Go Daddy.com Just ez2.me
No comments:
Post a Comment