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| Version 3 | Version 4 |
|---|---|
| Australia's economy expands 2.5%, led by mining | Australia's economy expands 2.5%, led by mining |
| (40 minutes later) | |
| Australia's economy grew more than expected in the third quarter, driven by building and mining activity. | Australia's economy grew more than expected in the third quarter, driven by building and mining activity. |
| Gross domestic product (GDP) rose 2.5% in the three months till the end of September from the same period a year earlier, the statistical bureau said. | Gross domestic product (GDP) rose 2.5% in the three months till the end of September from the same period a year earlier, the statistical bureau said. |
| Analysts expected a gain of 2.1%, and the Australian dollar rose slightly on the news. | Analysts expected a gain of 2.1%, and the Australian dollar rose slightly on the news. |
| Despite the stronger growth, there are fears about coming quarters with a slowdown expected in Europe and China. | Despite the stronger growth, there are fears about coming quarters with a slowdown expected in Europe and China. |
| Grim outlook? | Grim outlook? |
| The weaker outlook is what prompted the Reserve Bank of Australia on Tuesday to cut interest rates by 25 basis points, to spur domestic demand. | |
| It was the second rate cut in as many months. | It was the second rate cut in as many months. |
| "It seems likely to us that by the next [RBA] meeting, the outlook for global growth will be worse," said Rob Henderson, head of market economics at NAB. | "It seems likely to us that by the next [RBA] meeting, the outlook for global growth will be worse," said Rob Henderson, head of market economics at NAB. |
| "We expect the next inflation outcome, due in late January, to be another low reading." | "We expect the next inflation outcome, due in late January, to be another low reading." |
| Resource boom | Resource boom |
| Despite the concerns, some analysts say Australia's economy seems better placed to weather the global economic problems than many others. | Despite the concerns, some analysts say Australia's economy seems better placed to weather the global economic problems than many others. |
| "We see solid growth right through next year, which is diametrically opposite to what most of the developed world can look forward to," said Brian Redican from Macquarie. | "We see solid growth right through next year, which is diametrically opposite to what most of the developed world can look forward to," said Brian Redican from Macquarie. |
| Wednesday's data showed that compared to the April to June period growth in the quarter was at 1%. That is higher than growth rates in the US and most of Europe. | Wednesday's data showed that compared to the April to June period growth in the quarter was at 1%. That is higher than growth rates in the US and most of Europe. |
| The continuing health of the resource industry is one of the main contributors, as miners expanded output to meet the needs of China and India. | The continuing health of the resource industry is one of the main contributors, as miners expanded output to meet the needs of China and India. |
| Business spending added 2.1 percentage points to GDP growth. Engineering construction rose 31% in the quarter. | Business spending added 2.1 percentage points to GDP growth. Engineering construction rose 31% in the quarter. |
| Household consumption grew 1.2%, the data showed, adding 0.7 percentage points to GDP. | Household consumption grew 1.2%, the data showed, adding 0.7 percentage points to GDP. |