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Australia’s Economy Expands at Slower Pace in Second Quarter
Australia’s economy expanded at a slower pace in the three months through June, underscoring the central bank’s bias to keep interest rates at a record low to boost domestic demand. Second-quarter gross domestic product advanced 0.5 percent from the previous three months, when it rose 1.1 percent, a Bureau of Statistics report released in Sydney today showed. The result compared with a median forecast for a 0.4 percent gain from a survey of 27 economists by Bloomberg News. The data underscore a division in policy outlook between the Federal Reserve, which markets bet will tighten next year, and the Reserve Bank ... (full story)