CANBERRA, Dec. 8 (Xinhua) -- Australia is not heading for a recession despite the fact the nation's economy fell by 0.5 percent in the September quarter, the nation's Treasurer Scott Morrison said on Thursday.
Following Wednesday's announcement that Australia's economy had fallen to its worst position since 2008's Global Financial Crisis, Morrison said Australians should not buy into the "alarmist" language surrounding the nation's potential vulnerability to recession.
"There have been some factors around these (latest economic) results and others have commentated on the uncertainty following the election and these sorts of things, but the good signs are there, particularly in this (coming) quarter," Morrison told the Australian Broadcasting Corporation (ABC).
"In my own discussions with business, they also indicate that, yes they did have a tough quarter in September, but things have picked up in the following quarter."
Morrison refused to describe the figures as a momentary "blip," but said recent government initiatives, such as re-implementation of the contentious Australian Building and Construction Commission (ABCC) - or building watchdog - would spur the nation's economy in coming quarters.
On Wednesday, the Australian Bureau of Statistics (ABS) said a slower construction industry had contributed significantly to the 0.5-percent fall in the economy, but the government's legislation will ensure the sector is kept to account - on time and on budget.
"This is the key message (is that) as the mining investment boom (ends) we transition out of that. That has had a big impact on investment in this country," Morrison said.
"We also saw in these figures weaker figures on building construction. The ABCC restoration couldn't have come at a better time."
