The Australian economy expanded at a slower but solid pace in the second quarter, as firm consumer spending and trade continued to support growth. Gross domestic product (GDP) expanded at a seasonally adjusted 0.5% in the second quarter, the Australian Bureau of Statistics reported Wednesday. Compared to a year ago, the economy expanded 3.3%. A median estimate of economists called for a 0.6% increase. The economy grew 1.1% in the first quarter, the biggest quarterly increase in three years. Final consumption expenditure expanded 0.8%, contributing to 0.6 percentage points to GDP growth. The country’s terms of trade ... (full story)