AUSTRIA BEATS GLOBAL GLOOM AND DOOM.
Australia’s Government handouts and mineral exports to China have kept Australia out of recession, officials in Canberra said Wednesday. The economy grew 0.6 per cent in the June quarter, making it the only advanced economy not to experience contraction this year.
Stimulus packages costing 42 billion Australian dollars have taken the budget deeply into deficit and generated fears of not just higher interest rates but higher taxes as well.