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Economy

The 'Lucky Country' Marks Record 21st Straight Year Of Growth

AUSTRALIAN FINANCIAL REVIEW, SYDNEY MORNING HERALD, AAP (Australia)

Worldcrunch

SYDNEY – It's not called the "Lucky Country" for nothing. Australia’s resource-rich economy continued to expand last quarter, extending the country’s run of 21 years of uninterrupted growth.

Fourth-quarter GDP grew by 0.6% from the previous quarter, and 3.1% from a year earlier according to the Australian Bureau of Statistics.

Growth was boosted by a 3.3% jump in exports of goods and services, says the Australian Financial Review, and notably rises in coal and iron ore exports.

The mining boom continues to power the economy, says the Australian Financial Review. Exports and engineering construction – both assisted by the resources boom contributed to the GDP increase in the last quarter. At least one non-mining sector also contributed to Australia’s growth: the construction industry.

Federal Treasurer Wayne Swan said the numbers reflected Australia’s resilience, with its growth “far outstripping every major advanced economy and the vast bulk of the developed world,” reports the Sydney Morning Herald.

Director of Deloitte Access Economics, Chris Richardson said July marks 21 years since Australia’s last recession. “As far as the statistics can tell us, that is a record for any nation at any time,” he told a conference on Wednesday, according to the AAP.

“Australia is expected to be in the next decade exactly where we were in the last decade – the fastest-growing rich nation in the world,” he said.

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Sydney Harbour. Photo edwin.11

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FOCUS: Russia-Ukraine War

Dnipro, A Heinous Attack Sparks Hard Questions About Weapon Supplies — On Both Sides

After Dnipro was left devastated by one of Russia’s deadliest attacks on Ukrainian civilians to date, the problem of arms delivery in a war that keeps escalating has never been more urgent.

Photo France's AMX-10 RC light tanks

France will be sending AMX-10 RC light tanks to Ukraine, but has not committed to heavy combat tanks.

Gouhier Nicolas/Abaca via ZUMA
Pierre Haski

The Russian missile that struck a residential building on Saturday afternoon in Dnipro killed at least 40 people, a number that keeps growing as bodies are discovered under the rubble in the central Ukrainian city. It appears to be a war crime with no legitimate target near the neighborhood.

Stay up-to-date with the latest on the Russia-Ukraine war, with our exclusive international coverage.

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This bombing is also particularly informative about what’s happening right now on the Russian side of the war: The KH-22 cruise missile used is designed to sink an aircraft carrier, the biggest one in Moscow’s arsenal.

This precision missile was fired from an aircraft hundreds of miles away and has no link whatsoever to the target.

This enormous gap between the type of missile used and its ultimate target might actually reveal a missile scarcity in Russia, after weeks of continuous bombing in Ukraine. Tapping into strategic Russian weaponry (the KH-22 can be equipped with nuclear warheads) can never be justified considering the innocence of the target. Russian arms plants running at full capacity, for the time being at least, cannot keep up supplies.

But this tragic strike is also a clear sign of a progressive escalation in a war that, at this stage, shows no signs it can be stopped.

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