1 2002 03 in review continued growth despite global weakness the australian economy grew solidly impact of a severe drought weak world and number temporary international shocks was below that forecast budget but broadly line with mid year economic fiscal outlook myefo which revised down from mainly due to expected on domestic demand strongly underpinned by solid consumption dwelling investment strong pick up business strength more than offset decline net exports associated reduced farm production effects acute respiratory syndrome sars epidemic security concerns tourism employment unemployment rate declining 6 3 per cent june quarter 2003 inflation remained moderate labour costs were well contained 2 overview 7 average terms after growing 8
