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Date: 30/03/2006
Author: J.C. Finance
Author Email: team@jcfinance
Publication: News.com.au
Still momentum in economy

The nation's economy still had some positive momentum and that growth was likely to continue, although it would be at a slower rate, Treasurer Peter Costello said today.

"I think the domestic economy is a little less strong than it was two or three years ago, but it's still got some momentum behind it," Mr Costello said.

"We would like to see the composition of growth move increasingly to investment and exports. I think that is occurring.

"But I still see continued growth, albeit at a slower rate than we had two years ago."

The comments came after Australian Bureau of Statistics retail trade and building approvals data both came in above expectations.

Retail trade rose 0.7 per cent in February, compared to expectations of a 0.3 per cent rise.

Building approvals rose 2.2 per cent, compared to expectations of a 1.3 per cent increase.

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