CANBERRA Australia AP Australia has defied the Asian economic crisis and recorded spectacular economic growth of 5 percent according to figures released Wednesday. Australia's gross domestic product rose 1 percent in the three months to September 30 from the previous three months and rose 5 percent year-on-year the Australian Bureau of Statistics announced. News of the growth came just hours after the country's central Reserve Bank cut official interest rates by 0.25 percentage points to 4.75 percent. Treasurer Peter Costello said the growth figures demonstrated the resilience of the Australian economy. ``I want to pay tribute to Australia's exporters who have done a remarkable job'' Costello said. Before the Asian economic crisis which started in July last year almost 70 percent of Australia's exports went to Asian markets. Since then local exporters have found new markets in Europe and North America. Costello said currency realignments including a weaker Australian dollar had helped. He said another 5 percent economic growth rate was not expected in the year ahead. Australia's growth had been fueled by strong exports high private capital spending and vigorous domestic spending the bureau reported. Australia had done well in the first year of the Asian crisis Costello said. ``To have weathered the first year with such exceptional strength in the economy has been a major achievement'' he said. APW19981201.1117.txt.body.html APW19981201.1002.txt.body.html