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Economy grew 0.9 per cent in June quarter
The Australian economy grew 0.9 per cent in seasonally adjusted chain volume terms in the June quarter 2018, according to figures released by the Australian Bureau of Statistics (ABS) today. Chief Economist for the ABS, Bruce Hockman, said: “Growth in domestic demand accounts for over half the growth in GDP, and reflected strength in household expenditure.” Domestic demand increased 0.6 per cent for the quarter, driven by a 0.7 per cent growth in household consumption, with increased expenditure on both discretionary and non-discretionary goods and services. General government final consumption expenditure ... (full story)
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Australia's Economy Expands Faster Than Expected; Currency Rises
Australia’s economy grew faster than expected in the three months through June as households ran down savings to finance spending. The currency jumped. • GDP advanced 0.9% from prior quarter vs estimated 0.7% gain • GDP climbed 3.4% from year earlier vs forecast 2.9% rise • Household savings ratio was 1% in 2Q vs a revised 1.6% in prior three months • Aussie dollar rose, buying 72.15 U.S. cents at 11:32 a.m. in Sydney vs 71.89 pre-data The data span a period when government spending helped offset softer business investment and Australia enjoyed a prolonged tailwind from revived exports following disruptions ... (full story)
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