Despite a recession dramatically affecting some of the biggest and most robust economies in the world, Australia has managed to have an economic improvement. In the fourth quarter, not only did the GDP creep up 0.4 percent while others stalled or fell, but stocks rose and the value of the Australian dollar increased to 82.40 U.S. cents, the highest it's been in several months, thanks to generous government cash handouts intended to stimulate spending.
Craig James, the chief equities economist at Commonwealth Bank of Australia explained:
"Rumors of the death of the Australian economy have been highly exaggerated... Much of the credit for Australia's resilience must be given to the swift actions of the Reserve Bank and government in stimulating our economy."
So even though China is on the verge of buying out a huge portion of the country's natural resources, and its soldiers are the world's pickiest eaters, Australia does seem to be doing something right.
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