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AUSTRALIAN TREASURER SAYS ECONOMIC CONDITIONS STILL STRONG.
CANBERRA, March 2 Asia Pulse - Economic conditions in Australia were still strong despite a drop-off in economic growth, Treasurer Peter Costello said today.
Commenting on the latest national account figures, which showed the economy grew just 0.1 per cent in the December quarter and 1.5 per cent for the full year, Mr Costello said there were still good signs for the economy.
Mr Costello said the figures showed strong growth from business investment.
"The largest contribution to growth was from business investment, which contributed 0.8 per cent," he told reporters in Canberra.
"So we've seen something of a rebalancing out of household consumption and housing back into business investment.
"Although these show a slowing of economic growth, it is not altogether unwelcome in the fact that the composition is changing from the household consumption and the housing sector to business investment.
"That is laying the groundwork for increased capacity in years to come and at a time when we have unemployment at 30 year lows, that increased capacity will certainly drive the economy further."
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