Well it is good to see that despite beating the market expectations, the growth in the economy slowed down for the fourth consecutive quarter now. Last quarter, the Gross Domestic Product (GDP) had grown by 1.9%. In terms of trade rose 7% this quarter to its highest level in history. The quarterly rise in the terms of trade was driven by strong export prices for mining commodities.With the rise in the spending, household saving in the country declined. The household saving to income ratio declined from 11.6% to 9.7%. According to the latest data released by the Australian Bureau of Statistics, 277,674 businesses or 12% of all the active businesses shut up shops.On the other hand, 365,480 new businesses – or 15.8% of total businesses also joined the trade which is also a good news to hear.
