Natural disasters sink Australian economy
Thursday 02 June 2011
The unprecedented flooding and storms that hit key exports such as coal and iron ore caused Australia's economy to shrink by 1.2 per cent in the first quarter of this year, compared with the last quarter of 2010, government data showed yesterday.
While Australia was the only wealthy country to avoid recession during the global economic crisis, the data points to a weak spot in an economy heavily reliant on Chinese demand for raw materials such as coal, Australia's biggest export.
It was the largest quarterly contraction in GDP since 1991, when Australia experienced its last recession. It is also the first time that GDP has fallen since the last quarter of 2008.
Flooding and cyclones slowed annual growth to 1 per cent through March 2011. That was down from 2.7 per cent in 2010. Lost production totalled A$12bn (£8bn), with A$6.7bn of that in the March quarter alone.
- 1 What marriage would look like if we actually followed the Bible
- 3 The Chinese city where men have 'three girlfriends because there are so many women'
- 4 'Heartbreaking' Syria orphan photo wasn't taken in Syria and not of orphan
- 5 Orthorexia nervosa: How becoming obsessed with healthy eating can lead to malnutrition
Britain to take more refugees as Cameron bows to pressure after more than 250,000 back our campaign
Senior British politicians tell David Cameron: When dead children are being washed up on beaches – it's time to act
Jeremy Corbyn calls Osama bin Laden's killing a 'tragedy' - but was it taken out of context?
If these extraordinarily powerful images of a dead Syrian child washed up on a beach don't change Europe's attitude to refugees, what will?
If you're not already angry about the refugee crisis, here's a history lesson to remind you why you really should be
Make your voice heard: Sign The Independent's petition to welcome refugees
iJobs Money & Business
£16000 - £40000 per annum: Recruitment Genius: A Foreign Exchange Dealer is re...
£20000 - £40000 per annum + OTE + Incentives + Benefits: SThree: Established f...
£20000 - £25000 per annum + OTE 40/45k + INCENTIVES + BENEFITS: SThree: The su...
£14000 - £16000 per annum: Recruitment Genius: This company was established in...