Economists say economy growing despite mining slowdown: The News Wrap

THE NEWS WRAP: Economists say economy growing despite mining slowdown

By Oliver Milman
Wednesday, 05 September 2012

The Australian economy is still strong, despite a slowdown in the mining sector, and is set to post healthy quarterly GDP growth figures this week, according to a group of leading economists.


A survey of 15 economists by AAP found that they feel the size of the economy to have grown by 0.8% in the June quarter, following on from a 1.4% rise in GDP in the first three months of the year.


BCA backs state GST revamp


Business Council of Australia has backed calls for an overhaul of state-based finances, supporting the idea that GST should be distributed based on population size.


Conservative-led states Victoria, NSW, Western Australia and Queensland are pushing for a change to the GST system that will see them get more GST based on population share, rather than rely on revenue raised through various other state-based taxes, many of which impact small businesses.


EU credit rating warning


Credit agency Moody’s has downgraded the European Union’s outlook to “negative”, sparking fears that the bloc may be downgraded.


Moody’s warned that if the debt crisis lowered the credit rating of one of Europe’s major players – such as Germany or the UK – the continent’s AAA rating would be at risk.




The Dow Jones Industrial Average was down 54.90 points, or 0.42%, to 13,035.94. The Australian dollar fell to US102.25 cents.

Did you like this article? 

Sign up to the StartupSmart Newsletter to receive a daily news wrap-up straight to your inbox AND a free eBook!

Invalid Input

Comments (1)

Subscribe to this comment's feed
Really?, do these economists have an answer as to why people are losing jobs due to businesses closing? Economists here in Aus have been known to get it wrong, a lot of the times.
Rex , September 05, 2012
  • report abuse
  • +0
  • vote down
  • vote up

Write comment

smaller | bigger

Invalid Input

Follow us

StartupSmart on Twitter StartupSmart on Facebook StartupSmart on LinkedIn StartupSmart on Google+ StartupSmart on Youtube

Subscribe to StartupSmart RSS feeds

Sponsored Links

Our Partners

SmartSolo sign up

Private Media Publications



Crikey Blogs


Smart Company


Property Observer


Leading Company