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The Australian economy expanded by 0.6% in Q4/2012 and by 3.1% for the year 2012. While achieving trend growth through 2012 was a creditable performance by global standards, it is clear that if the terms of trade continue to decline as expected, the burden of future growth will shift from the resources sector and exports toward domestic business investment, residential construction and consumer spending. Lower interest rates are assisting this rotation, although the housing recovery and a rise in retail spending are still in the early stages of a cyclical upturn.
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Saturday, 9 March 2013