Fed: Costello says Aust growth slow, but still leading

AAP General News (Australia)
08-22-2001
Fed: Costello says Aust growth slow, but still leading

Treasurer PETER COSTELLO says growth in Australia has slowed, but will still be ahead
of every other industrialised country next year.

Mr COSTELLO'S comments on Radio 3AW follow the US Federal Reserve's seventh cut to
official interest rates this year.

Most major indicators show the world's biggest economy to be in its worst shape in a decade.

The Federal funds rate is now 3.5 per cent from 6.5 per cent in January. That's one
of the steepest drops ever witnessed in the United States.

Mr COSTELLO says the US economy has practically slowed, Japan is in near recession
and Australia is a bit slower, but Australia's growth will be very significant and it
will lead the world.

AAP RTV jph/daw/wz/jn

KEYWORD: ECONOMY (CANBERRA)

2001 AAP Information Services Pty Limited (AAP) or its Licensors.