WHICH ever way you cut it, this is a stunning result.
The economys 0.6 per cent growth in the June quarter confirms that Australia is weathering the global recession better than anyone could have hoped.

This started to become clear in early June when the Bureau of Statistics reported that the economy expanded 0.4 per cent in the March quarter, confounding expectations of a fall that would produce a so-called technical recession.

Todays stronger-than-expected June quarter growth confirms this strong underlying growth momentum.

It means unemployment may not even hit 7 per cent, let alone the 8.5 per cent forecast by the Rudd governments May budget.

It will encourage the Reserve Bank to lift interest rates, as early as next month, to remove some of the emergency easing in response to the global crisis.

And it will further ramp up the debate over whether the Rudd government should similarly wind back its budget stimulus, including the lower return $15 billion-plus building program for primary school halls.

It will take a few hours to pull all these numbers apart. The big story will be to figure out how Australia has managed to absorb a huge hit from the slump in our commodity export prices. This has clubbed national income. But unlike just about every other developed economy we have kept the economy ticking over, continuing to consume, invest and export.

The biggest contribution to the June quarter gross domestic product rise came from household consumer spending, boosted by the Rudd governments cash payments and lower mortgage payments delivered by the Reserve Banks rate cuts.

But business has kept investing in capacity, such as through plant and equipment. Again, this may be partly due to temporary government tax breaks.

Probably the biggest story has been how export volumes have held up, growing another 1 per cent in the June quarter as China ramps up its demand for our iron ore and coal. Yet the economy managed to expand even though net exports -- export volumes less import volumes -- detracted from growth in the quarter.

http://www.theaustralian.news.com.au/business/story/0,28124,26016463-5017885,00.html

Fantastic news!

Siege of Tobruk - One German POW said: "I cannot understand you Australians. In Poland, France, and Belgium, once the tanks got through the soldiers took it for granted that they were beaten. But you are like demons. The tanks break through and your infantry still keep fighting." Rommel wrote of seeing "a batch of some fifty or sixty Australian prisoners ... marched off close behind usimmensely big and powerful men, who without question represented an elite formation of the British Empire, a fact that was also evident in battle."


"As a Internet discussion grows longer, the probability of a comparison involving Nazis or Hitler approaches one."

The RBA is less than convinced of such a rosy assessment. At yesterday's meeting
they basically poured cold water on the idea that there is a rate hike coming anytime soon, and this means they are not very confident that strong growth is sustainable. It makes sense too, because unless the Chinese government decides to spend the rest of China's currency reserves on another massive stimulus programme, China is headed for a sharp slowdown and so commodity prices are soon going to decline and with them much of Australia's economic fortunes.

F.uck an eye for an eye. You take my eye, and I will kill you, and all those you care about. That is our policy.

Wow notan I have no idea how you managed to get that perception. EVERYONE knew beforehand that no rate rise is coming this month, but are just waiting for indication from RBA about rise in future.
The term used "No rises for the time been" is just like telling people there will not be one next month either (in which case they would use "no rise this month" like they did before), but you can pretty much be sure that one is on its way.

As gloom as your predictions have been for all Western countries, Australia isn't the same as the US or Europe. While both have seen 5%+ drops in GDP, Australia has grown, that's a fact. We didn't even reach technical recession.

China hasn't fallen off the growth wagon yet, and even if it does, we just had two deals signed that amount of $66 billion for natural gas to both China and India. The growth figures are also attributed not to the mining sector which saw a net fall in total number of exports, but increased consumer spending and internal business investment, as per mentioned in the article.

Siege of Tobruk - One German POW said: "I cannot understand you Australians. In Poland, France, and Belgium, once the tanks got through the soldiers took it for granted that they were beaten. But you are like demons. The tanks break through and your infantry still keep fighting." Rommel wrote of seeing "a batch of some fifty or sixty Australian prisoners ... marched off close behind usimmensely big and powerful men, who without question represented an elite formation of the British Empire, a fact that was also evident in battle."


"As a Internet discussion grows longer, the probability of a comparison involving Nazis or Hitler approaches one."

EVERYONE knew beforehand that no rate rise is coming this month, but are just waiting for indication from RBA about rise in future.

I didn't say anyone expected a rate rise this month. What people were anticipating is that the RBA might give a sign that rates will not remain at the current level for much longer, or at least a strongly positive economic assesment. Instead we got a very cautious economic overview and not a peep about a future rate hike. The fact that the AUD/USD plunged after the release is instructive.

F.uck an eye for an eye. You take my eye, and I will kill you, and all those you care about. That is our policy.

Gimme a break. "For the time been" is about as close as RBA ever use to warn of inpending action. Exactly the same wording used before the cuts last year.

LOl@ toilet cleaners' desperationeds

0.6% is beings stunnig growths haha for sheep lovings ozzies

===========================================
I am old Christiankiller
Sorry for offensive to our good religion christian brothers
I am not hating christians

Well we can't all have towers in Dubai not being built for 8 months now. That is some stunning success LOL

Siege of Tobruk - One German POW said: "I cannot understand you Australians. In Poland, France, and Belgium, once the tanks got through the soldiers took it for granted that they were beaten. But you are like demons. The tanks break through and your infantry still keep fighting." Rommel wrote of seeing "a batch of some fifty or sixty Australian prisoners ... marched off close behind usimmensely big and powerful men, who without question represented an elite formation of the British Empire, a fact that was also evident in battle."


"As a Internet discussion grows longer, the probability of a comparison involving Nazis or Hitler approaches one."

Dubai projects still booming only at reduced paceds

that's due to high % of kuffar expatriateds in Dubai unlike more islamic country of Saudi Arabia for exampleds

take closer look sheeplover



http://www.meed.com/databank/gulf_projects/2009/05/gulf_projects_5_may_2009.html

"The total value of on hold projects stood at $467bn.

The region's active projects were worth nearly $2.7 trillion.

Overall, the index was up by 23.5 per cent on the previous year.
Value of projects planned or under way in the Gulf
Value of projects planned or under way on 5 May 2009 ($m) Value of projects planned or under way on 27 April 2009 ($m) % Change on week Value of projects planned or under way on 5 May 2008 ($m) % Change on year Value of projects on hold as of 5 May 2009 ($m)
Bahrain 62,939 67,899 -7.3 32,607 93.0 4,860
Kuwait 296,381 313,361 -5.4 248,914 19.1 16,040
Oman 96,301 109,871 -12.4 87,244 10.4 11,095
Qatar 209,176 218,996 -4.5 196,318 6.5 9,850
Saudi Arabia 587,162 647,036 -9.3 460,128 27.6 53,594
UAE 960,163 1,319,811 -27.2 864,736 11.0 361,495
GCC total 2,212,122 2,676,974

-17.4
1,889,947 17.0 465,934
Iran 292,716 294,566 -0.6 207,708 40.9 4,500
Iraq 150,935 155,825 -3.1 52,750 186.1 5,450
Gulf total 2,655,773 3,127,365 -15.1 2,150,405 23.5 466,994"



UAE still havings close to trillion amerikunts$ project, saudis having close to 600 billion amerikunts $ project, not significants declineds



for whole gulf total sum exceeding 3 trillion amerikunts $

LOL


===========================================
I am old Christiankiller
Sorry for offensive to our good religion christian brothers
I am not hating christians