Australia’s GDP grows 0.5% in June quarter

BELOW-TREND economic growth has continued for another quarter, with Treasurer Joe Hockey saying more needed to be done to lift the economy.

Figures from the ABS today showed Australia's gross domestic product grew 0.5% in the June quarter.

While the figure was slightly higher than market predictions, Mr Hockey said it was no time to be complacent.

He said the high unemployment rate and below trend growth, as well as dwindling economic effects of the mining boom, meant more work was needed.

Mr Hockey said the figures did have good news, however, showing continued growth in business and consumer sentiment, retailing and housing sectors.

But he said the key figure driving the below-trend growth was the continued fall in the value of key resource commodities, coal and iron ore.

Mr Hockey said it was essential to grow the job market by improving the overall economy, which he said would be a key issue on the G20 agenda later this year.



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