I think the 0.3% refers to 'real' growth i.e takes inflation...

I think the 0.3% refers to 'real' growth i.e takes inflation into account

However things look like getting a lot tighter economically with less export income a lower dollar -(making all our imports more expensive
- oh well we just have to produce more ourselves
...duh! most of our industrial capacity is gone ...


Economic growth below most pessimistic forecast; dollar breaches 84 US cents

By business reporter Michael Janda
Updated 14 minutes agoWed 3 Dec 2014, 11:56am
PHOTO: Economists were expecting solid GDP growth in the September quarter. (AAP)
RELATED STORY: Healthy growth expected for Australian economy in September quarter GDP
MAP: Australia
The Australian dollar has dropped below 84 US cents for the first time since July 2010 on economic growth less than half what was expected.
The Australian Bureau of Statistics gross domestic product (GDP) data show the economy expanded just 0.3 per cent in the September quarter and only 2.7 per cent over the year to September 30.
Economist forecasts in a survey by Bloomberg centred on 0.7 per cent growth in the September quarter and 3.1 per cent for the year.
That saw the dollar slide from around 84.5 US cents before the 11:30am (AEDT) release to 83.95 US cents by 11:47am (AEDT).
In further bad news, real gross domestic income actually went backwards by 0.4 per cent in the quarter due in large part to a 3.5 per cent seasonally adjusted fall in the terms of trade during the three months to September.
The ABS measure of real net national disposable income per capita fell 0.8 per cent in the quarter and 1 per cent over the year.
That means that even though the economy grew, Australians became worse off as the prices for the nation's exports fell steeply.
The headline GDP figure was boosted by solid household spending growth (0.4 per cent) and net exports (0.8 per cent) - although this measure of exports looks at the volume being sold, not the price received.
The biggest drags on growth were falls in business (0.5 per cent) and government (0.2 per cent) investment, with the end of the mining construction boom weighing on private spending.