‘No Australia recession’
04 September 2015 by News Desk
Government ministers say there is no risk of Australia sliding into recession and have strongly defended their record on the economy.
Australian Treasurer Joe Hockey (pictured), responding to official figures that show the economy grew 0.2% in the June quarter, told reporters: “There is no risk of recession in Australia”. He said the government would continue to support jobs growth and economic stability by pressing ahead with free trade agreements, abolishing taxes and regulation, and opening up more of the Australian economy to competition.
He said the government’s May budget is already adding momentum to the Australian economy and that business conditions outside the mining sector have risen to their highest level in five years.
The services sector grew for a third consecutive month, its’ fastest rate in more than seven years, according to a survey by the Australian Industry Group.
Economic figures for the June quarter suggest that annual growth will be 2.2% in 2015.
