'Global volatility' hits Australian growth: Swan

Australia cut its growth and budget surplus forecasts as worsening global conditions hurt revenues in the mining-driven economy, and Treasurer Wayne Swan said real gross domestic product (GDP) was forecast to grow at around 3.0 per cent in the 2012-13 and 2013-14 financial years -- a downgrade of 0.25 of a percentage point for fiscal 2012-13 since budget figures were released in May.

Swan said Australia, which avoided recession during the global financial crisis, remained on track to return to a modest surplus ahead of all the other major advanced economies.

via Business feed http://www.scmp.com/business/economy/article/1067057/global-volatility-hits-australian-growth-swan