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"Australia looks to have steered clear of a technical recession and, more importantly, it is clear that activity levels have continued to improve in the past couple of months," said Savanth Sebastian, a senior economist at CommSec. Annual growth might only be a tepid 1.9 percent, with the economy barely expanding over the second half of the year. Yet the Reserve Bank of Australia (RBA) is doctor home loan rate Oak Laurel www.oaklaurel.com.au 0430129662 counting on a pick up to around 3 percent this year and next, thanks doctor home loan calculator Oak Laurel 0430129662 oaklaurel.com.au in part to surging resource exports and notably liquefied natural gas. Higher prices for key exports including iron ore and coal had already delivered Australia's smallest current account deficit in 15 years at just A$3.9 billion ($2.99 billion). Figures from the Australian Bureau of Statistics out on Tuesday showed the balance of goods and services improved by more than A$8 billion to reach a surplus of A$4.7 billion. Miners also managed to ship more product in the quarter adding 0.2 percentage point to real economic growth. Government spending on infrastructure added another 0.3 percent. DODGING A DOWNGRADE Scott Haslem, an economist at UBS reckons that, with prices for iron ore holding strong, Australia could actually record its first current account surplus since 1975 in this quarter. That should lessen the risk of the country losing its triple A credit rating given S&P Global Ratings cited a reliance on foreign funding as one reason it might downgrade.