Vic: Vaile warns against complacency

AAP General News (Australia)
12-15-1999
Vic: Vaile warns against complacency

MELBOURNE, Dec 15 AAP - Australia's strong economic growth should not be seen as a
trigger for complacency, federal Trade Minister Mark Vaile said today.

The national economy bounced back strongly in the September quarter, growing 1.6 per
cent seasonally adjusted for the quarter, the Australian Bureau of Statistics revealed
today.

The result marked a big turnaround from the previous quarter's 0.1 per cent and lifted
growth for the year to 4.5 per cent.

But Mr Vaile said Australia should not rest on its laurels.

"We can't sit back and say we've achieved this and let's just have a bit of a cruise
for the next 12 months," Mr Vaile, who is also National Party deputy leader, told a luncheon
in Melbourne.

"We've got to continue to fight and argue for a better market share across the world."

Mr Vaile, who has recently returned from the World Trade Organisation (WTO) ministerial
conference in Seattle, said the global economy was looking healthier than it had looked
for a long time.

The United States economy had continued to grow strongly and the European Union was
emerging from its slowdown, with East Asia also clearly in recovery mode, he said.

But he cautioned that there were still some risks to global economic recovery, including
a possible sharper than expected slowdown in the US, or a relapse in Japan.

East Asia's economic rebound this year had exceeded expectations, with strong growth
in Korea, Singapore, Thailand and Malaysia, he said.

"Economic improvements in East Asia, in particular, are starting to be reflected in
Australia's trade performance," he said.

"Although the current account deficit is of concern, the level of imports is of concern,
our export trend line continues in the right direction."

But he cautioned that the region remained susceptible to a sharp downturn in demand
for its exports.

AAP st/mh/jnb

KEYWORD: TRADE VAILE

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