The good news in this week’s growth figures is hidden by the downturn in mining

On the conventional measure, Australia’s economic growth in the year to June was just 2 per cent; in the June quarter, it was a very modest 0.2 per cent. At current prices, that’s the lowest year’s growth since 1961–62 – and if you can remember that, you’re probably a lot older than you want to be.

When the news hit the markets, the dollar plunged below US70 cents. But are the figures really as bad as all that?

Read the full article