AUSTRALIA'S economy has been clobbered by a stunning collapse in export earnings in the March quarter, all but ending any prospect of interest rates rising in the next few months.
In the biggest reversal since the 1970s, export volumes dived by 9 per cent for the quarter, mainly due to the impact of summer's natural disasters on shipments of coal and other natural resources.
Minerals and energy exports slumped by 14 per cent, and coal exports by 27 per cent.
Read more: http://www.theage.com.au/business/economy-hit-by-dive-in-exports-20110531-1feqy.html#ixzz1NzE04F5h
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