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AUSTRALIAN ECONOMIC OUTLOOK REMAINS FAVOURABLE: TREASURER.
CANBERRA, Dec 1 Asia Pulse - Domestic demand was growing at a solid pace and the prospects for the Australian economy remained favourable, Treasurer Peter Costello said today.
The economy grew 0.3 per cent in the September quarter, giving the nation an annual growth rate of 3.0 per cent.
The terms of trade - the ratio of export prices to import prices - improved 2.3 per cent for the quarter, giving an annual improvement of 10.8 per cent.
"Prospects for the Australian economy remain favourable with the unemployment rates at 27 year lows, moderate wage outcomes and low inflation," he said in a statement.
"Domestic demand continued to grow at a solid pace, driven by growth in household consumption.
"While the external sector subtracted from growth, the large increase in terms of trade provided a significant boost to domestic incomes."
Mr Costello said a slowing in the housing sector and sustained high oil prices were expected to have a moderating influence on consumption.
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Source: HighBeam Research, AUSTRALIAN ECONOMIC OUTLOOK REMAINS FAVOURABLE: TREASURER.