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.
Liam Neeson's Downton dreams
Thriller is set in the secret world of British espionage
Bomber jacket worn by Mary Berry sells out within an hour
- 2 iOS 8 is full of shiny new features - but it's terrible news for app developers
- 3 Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death
- 4 A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
- 5 Hitler’s former food taster reveals the horrors of the Wolf’s Lair
Scottish independence results live - The reunited kingdom: Scotland gives a clear 'No' in historic referendum
Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death
Scottish independence: YouGov final prediction puts No campaign 8 points ahead - but Yes team remains optimistic
Scottish independence: Tory revolt against 'devo max' grows as Rail Minister Claire Perry joins
Hitler’s former food taster reveals the horrors of the Wolf’s Lair
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
Scottish independence referendum: A nation divided against itself
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Scottish independence: The Queen breaks silence on referendum debate – as think tank warns of £14bn black hole if Scotland votes Yes
Portuguese academic says British are 'filthy, violent and drunk'
iJobs Money & Business
£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...
To £85,000 + banking benefits: Saxton Leigh: You will be expected to carry out...
Up to £90,000 + benefits: Saxton Leigh: Credit Risk Audit Manager required to ...