 Australia's economic growth is proving just as difficult to stop |
Australia's economy got a lift from the Rugby World Cup as growth surged to a four-year high in the fourth quarter. Rains also helped, bringing to an end the drought that had scorched much of the country and hampered farming exports and production.
According to the Australian Bureau of Statistics, the economy expanded by an unexpected 1.4% in the last three months of 2003.
Growth for the whole of the year was an impressive 4%.
Warning signs?
Australia's economy has now grown for 12 straight quarters, despite interest rate hikes in November and December.
That has prompted some analysts to predict that the Reserve Bank of Australia may once again increase borrowing costs at its next meeting.
And while they still expect expansion to continue, some are warning that Australia's "champagne economy" may lose a little bit of its fizz in coming quarters.
In the meantime, Australian rugby fans can take comfort from the fact that while their national team lost in the World Cup Final, the event as a whole generated "significant economic activity and revenue".
The statistical office went on to say that visiting supporters had boosted demand for services such as bars, hotel rooms, restaurants and local transport.
Outside of the cities, farm-related growth jumped 13% as production of goods such as beef and wheat started getting back to normal.
"More favourable weather conditions in recent months indicate improved prospects for the agriculture industry in 2003-04," the statistical office said.