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Australian Economy goes Down Under

kaya'08

kaya'08

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Looks like our great, friendly Australian folk on the other side of the world are experiencing difficult times too.

BBC NEWS | Business | Australian economy shrinks 0.5%

Australia's economy has shrunk for the first time in eight years, raising fears that the country may be heading for a recession.

The economy contracted by 0.5% in the last three months of 2008 from the previous quarter, the government said.

Economists had been expecting it to grow by 0.2%.
Click to expand...
 
From what I read elsewhere, Australia is still well placed to survive - the banks have been tightly regulated so there are few horror stories about bailing any banks out and they had a national debt of A$~0000.00 for a fair few years.

I think many countries (especially places like Iceland) would happily trade positions with Australia
 
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