VIC: Economy performing remarkably well, says Costello

AAP General News (Australia)
02-02-1999
VIC: Economy performing remarkably well, says Costello

MELBOURNE, Feb 2 AAP - Federal Treasurer Peter Costello said today the Australian economy
had performed remarkably well and was attracting the interest of overseas investors.

"Although we are living in a region which is in recession and some of the countries in our
region are in depression, economic growth in Australia has been five per cent in the last
year," Mr Costello said on Radio 3AW.

"Interest rates are at 30-year lows, inflation is at 30-year lows, the budget is in surplus
we are repaying Labor's debt and the Australian economy has performed remarkably well," he
said.

He said he did not like using the word "boom" to describe the state of the economy because
people said a bust would have to follow a boom.

"But the stock market closed at 2,900, which it's never done before and I think that's
partly because there are some good companies," he said.

"But also Australia is seen as a very good place to invest."

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KEYWORD: ECONOMY COSTELLO

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