The economy expanded by just 0.3% in the three months to September, compared with the previous quarter, the slowest rate in more than three years. Australia's key crop production fell by more than a third during the quarter, hit by the worst drought in a century. However, mining-led exports helped keep the economy growing, despite an overall drop in business investment.
"In the period ahead, growth is likely to remain modest, reflecting the effects of the severe drought," said Australia's finance minister Peter Costello. The Reserve Bank of Australia last month warned that the national drought was likely to slow economic growth, as a result of a drop in farming output. It predicted that the drought would cut annual economic growth from 1.9% to 1.15%.
Posted on 13th December 2006
IEMA reacts to IPCC report: AR6 Climate Change 2021
- 9th August 2021
IEMA reacts to CCC Progress report to Parliament
- 24th June 2021
IEMA reacts to Climate Change Committee Report
- 15th June 2021
IEMA Reacts to Queen’s Speech
- 11th May 2021
Enhancing Scotland’s EIA Community - Scotland’s EIA Conference 2021 moves online
- 22nd April 2021
IEMA launches senior management briefing on how organisations can benefit from effective environmental auditing
- 29th March 2021