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The Australian economy has bucked the global trend delivering a seasonally adjusted 0.6 per cent rise in gross domestic product (GDP) for the June quarter according to ABS data released today.
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According to the ABS household final consumption and new machinery and equipment were the main positive contributors to the expenditure on GDP – both at 0.5 per cent.
The most significant negative influence was new building construction at -0.3 per cent and imports at -0.5.
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News earlier today however points to a more positive outlook for construction moving forward with housing approvals rising in July to 7.7 per cent.
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