Helped by its massive natural resources, Australia has weathered the global financial crisis better than other Group of 20 economies. In 2012, its economy grew 3.1 per cent, compared with 1.6 per cent in the United States and 1.1 per cent in Canada.
Baby dies as migrant ship sinks in Indian Ocean
A baby boy is dead and eight people are missing after a boat carrying asylum seekers from Indonesia to Australia began sinking in the Indian Ocean.
Australian Home Affairs Minister Jason Clare said on Saturday that officials rescued 88 asylum seekers after the boat began taking on water on Friday about 200 kilometres north of Christmas Island. The island is an Australian territory 500km south of Jakarta, Indonesia, and is home to a detention centre for asylum seekers.
The boat was carrying people from Iran, Afghanistan and Sri Lanka. Officials recovered the body of a baby boy who was less than 1 year old. The navy is searching the waters for 8 people who remain missing.