Accounts grow

AUSTRALIA’S economy grew 0.4 per cent in the December quarter 2002, and by 3 per cent over the year. If not for the drought, growth in the quarter would have been twice that return, according to figures from the Australian Bureau of Statistics.

Private business investment increased 7.4 per cent in the quarter, underpinned by a 14 per cent surge in new machinery and equipment investment.

Household consumption increased 0.6 per cent during the quarter and 4.1 per cent over the year.

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