Australian Treasurer Wayne Swan on Wednesday said the latest Gross Domestic Products (GDP) figures show that Australian economy remains resilient.
The figures released by the Australian Bureau of Statistics (ABS) show that the nation's economy grew by a lower than expected 0.2 percent in the September quarter.
Swan said the figures were unsurprising given uncertainty in the world economy, the impact of the higher Australian dollar and the easing back of stimulus, however, the government is determined to strengthen the economy, and its priority was to return the country to surplus in 2012/13.
"Today's GDP figures are another solid result for our economy in the context of a world economy which is fragile," Swan told reporters in Canberra on Wednesday. "The Australian economy remains resilient."
According to the figures, household consumption rose 0.6 percent in the September quarter, with growth underpinned by strong job creation. About 105,000 full-time jobs were created through the quarter.
The figures also show that the timing and pace of withdrawal of fiscal stimulus remained appropriate.
Swan said investment in the country was high and that there will be another surge of investment in the near future.
"There is strong investment sentiment across all sectors, although it is particularly focused on mining," he said, adding that Australians had good reason to be confident in the Australian economy and its growth prospects.
The figures released by the Australian Bureau of Statistics (ABS) show that the nation's economy grew by a lower than expected 0.2 percent in the September quarter.
Swan said the figures were unsurprising given uncertainty in the world economy, the impact of the higher Australian dollar and the easing back of stimulus, however, the government is determined to strengthen the economy, and its priority was to return the country to surplus in 2012/13.
"Today's GDP figures are another solid result for our economy in the context of a world economy which is fragile," Swan told reporters in Canberra on Wednesday. "The Australian economy remains resilient."
According to the figures, household consumption rose 0.6 percent in the September quarter, with growth underpinned by strong job creation. About 105,000 full-time jobs were created through the quarter.
The figures also show that the timing and pace of withdrawal of fiscal stimulus remained appropriate.
Swan said investment in the country was high and that there will be another surge of investment in the near future.
"There is strong investment sentiment across all sectors, although it is particularly focused on mining," he said, adding that Australians had good reason to be confident in the Australian economy and its growth prospects.
