Australian economy 'immune' to turmoil - Costello

AUSTRALIA - Australia would be immune to looming global economic turmoil, Australian Treasurer Peter Costello said yesterday as the threat of recession looms larger for the US. Mr Costello predicted Australia would top the world economic growth table next year.

The US Federal Reserve Board slashed 0.25 of a point from its official interest rate on 21 August, hoping to avert a full-blown contraction.

The Fed said economic conditions appeared likely to remain weak for the foreseeable future.

The m

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