Economic Growth in Australia to Remain Strong in 2002-03 Australia was one of the fastest growing developed economies over 2001, and growth is set to remain robust over the coming year.
the Australian economy was resilient despite the global slowdown		The Australian economy strengthened over 2001, in contrast to most of the rest of the world which experienced a slowdown in growth.
strong economic growth of 4 per cent by mid 2003		Economic growth in Australia is set to average 3¾ per cent in 2002-03, and to strengthen further to around 4 per cent through-the-year to the June quarter 2003. This is higher than forecast growth for any of the G7 economies.
business investment to rebound		Strong fundamentals should support a strong rebound in business investment in 2002-03. Investment in both plant and equipment and non-residential construction are expected to be very strong.
employment growth will support household consumption		Australia's recent strong economic and productivity growth is also leading to the creation of new jobs, which will support continued robust growth in household consumption.
investment and household consumption will drive growth as residential construction and net exports ease		Strength in business investment, household consumption and exports will more than offset subdued activity in residential construction. Rapid growth in domestic demand, expecially business investment, will lead to faster growth in imports than in recent years.
inflation is forecast to remain within the target band		Inflation is forecast to remain within the RBA's target band at around 2¾ per cent in 2002-03, declining to around 2½ per cent through the year to the June quarter 2003.
Economic Growth in Australia