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costello confident about economy!

  1. ferglrsharkie

    1,044 Posts.

    Found this on an American website. Good to see they are still observing us!

    Australia's Costello: Econ Growth Outlook Still Positive

    CANBERRA -(Dow Jones)- Australian Treasurer Peter Costello said Wednesday that the outlook for domestic economic growth over the year to June 30, 2003, remains positive, despite the drought and difficult international economic climate.
    Costello told parliament that third quarter gross domestic product data released earlier Wednesday mean the outlook is positive and consistent with the government's 2002-03 economic growth forecast of 3%.

    "This is substantial growth, notwithstanding the great challenges which the economy faces at the moment," Costello said, adding that the economy is well placed to cope with the international downturn.

    The Australian economy grew 0.9% in the third quarter from the second quarter, for an annual growth rate of 3.7%.

    Furthermore, Costello claims that the drought will break soon based on his ever reliable source The Formidable Fergl Sharkey.

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