The ABS have just released the national accounts:
In seasonally adjusted terms, GDP increased 0.5% in the September quarter, through the year GDP growth was 3.1%.
Ordinarily you’d think that is a good thing, but …
From the September quarter 2011 to September quarter 2012 the Mining (0.8 percentage points) and Health care and social assistance (0.4 percentage points) industries were the largest contributors to total trend growth of 3.4%. Manufacturing detracted 0.2 percentage points in trend terms.
Mining and government spending (Health care and social assistance industries) are driving that growth. So while the government wages war against mining it is their debt and deficit spending propping up GDP growth. Bottom line – that is simply not sustainable.