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Drought cuts Growth to 3%

The drought in Australia, the worst in 100 years, is expected to reduce economic growth for 2002/2003 to 3%. The previous forecast was for 3.5 to 4% growth set in May this year. This was stated by the Governor of the Reserve Bank at a hearing of the House of Represenatives Economics Committe in Warrnambool on 6 December.

Posted Sunday, 8 December 2002

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