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Domestic economy growing, says RBA

The Australian domestic economy has been growing, thanks in part to property and mining investment.
<p $$hash="5905-0"><span $$hash="5904-0">Australia’s domestic economy has been growing, which it owes mostly to the mining boom and to the property market.

<p $$hash="5898-0"><span $$hash="5897-0">These were the points that were put across in the most recent meeting for the Reserve Bank of Australia (RBA), when it decided to put interest rates on hold for yet another month.

<p $$hash="5903-0"><span $$hash="5902-0">It said: “GDP expanded by 0.6 per cent in the December quarter, reflecting strong growth in resources exports, mining investment and dwelling investment.”

<p $$hash="5900-0"><span $$hash="5901-0">Property investment has been generating more money recently, as house prices have climbed over a number of months. Recent consumer confidence and auction clearance rate statistics show that there have been more buyers around.

<p $$hash="5929-0"><span $$hash="5928-0">Australia’s domestic economic progress is commendable, considering the fact that many of the more developed countries have been struggling in recent years.

<p $$hash="5927-0"><span $$hash="5926-0">In Britain, for example, domestic growth has almost flat lined since 2010 and has resulted in the country’s credit rating having to be downgraded and a fall in the value of its currency.

<p $$hash="5921-0">Posted by Steve Douglas

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