Data shows 21 years of growth: Swan

NEW engineering construction was the stand-out in the latest national accounts figures, growing 60% in the past year, Treasurer Wayne Swan said on Wednesday.

Mr Swan released the Australian Bureau of Statistics figures, saying the data officially recognised 21 years of consecutive growth for the nation.

Underpinned by resource and mining project construction, new engineering construction grew 0.9% in the June quarter, driving 21.2% growth in new business investment over the year.

Mr Swan said the growth in new business investment marked a 40-year high in business investment.

But he recognised the continued problems associated with the high Australian dollar and falling commodity prices, particularly coal and iron ore.

The figures show gross domestic product grew 0.6% in the June quarter, after a revised March quarter rise of 1.4%.

The quarter also saw the terms of trade fall 0.6%, while household consumption grew 0.6% in the quarter and 4% for the year.


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