Data released today shows that Australia’s GDP contracted by 0.5% over the last quarter of 2008. The figures seem to underline the market’s shock over the Central Bank’s decision to keep interest rates at 3.25% the day before. Another loss in the first quarter of 2009 would mean Australia officially being in recession.
Many commentators are reporting that without the $9billion package that was offered to the economy in December, the contraction would have been far worse. The figures also have to be taken against far higher drops in other Asian and first world economies.
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