Australian dollar drops as growth figures half expectations

TREASURER Joe Hockey, under pressure after disappointing growth figures released on Wednesday, said "doing nothing is not an option" for economic reforms.

ABS figures released Wednesday showed national growth was only 2.7% over the year to September - the first concrete figure on the first year of the Abbott Government.

It was also the second consecutive quarter in which growth in disposable incomes went backwards, while overall GDP growth did not meet market expectations, up only 0.3% over the September quarter.

Despite massive concessions to get his May budget through the Senate, Mr Hockey said the slowing growth was largely attributable to slowing mining investment and a "stubbornly high" Australian dollar.

He said the high dollar meant the impacts of lower commodity prices and falling business investment was not yet translating to rises in other sectors like agriculture exports and international tourism.



Gladstone child safety workers on strike

Gladstone child safety workers on strike

Together Union members protest in front of Glenn Butcher's office.

'Smart city' expert headlines Gladstone planning conference

premium_icon 'Smart city' expert headlines Gladstone planning conference

Prof Marcus Foth says developers need to remember the human element.

Urgent plea to help find 'the child Australia forgot'

Urgent plea to help find 'the child Australia forgot'

Wanted man has slipped through the hands of police at least 3 times

Local Partners