Australian Economy

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. 

epa04999634 Bonds underwear is seen at a Bonds store in Brisbane, Australia, 27 October, 2015. Parent company Pacific Brands, owner of Sheridan bed linen and Berlei and Bonds undergarments, expects its underlying earnings to improve on a year ago despite negative currency impacts. Overall group sales rose seven per cent in the past 16 weeks compared to the same time a year ago, the company told shareholders at its annual general meeting in Melbourne. EPA/DAVE HUNT AUSTRALIA AND NEW ZEALAND OUT

Australian business investment plunges

Australian business investment plunged by the most on record last quarter as firms slashed spending on plant and buildings, a surprisingly sharp blow to economic growth that sent the local dollar reeling.

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