Australia's Q2 GDP growth beats forecasts

Sep 04, 2013, 1:05 PM EDT
People walk past a Prada store in the Melbourne CBD, on August 3, 2011.
AFP/Getty Images/WILLIAM WEST

Australia's economy expanded in the second quarter by a slightly better than expected 2.6% year-on-year. It was up 0.6% from the previous quarter thanks to a boost in consumer spending. Though growth remains below trend following the global weakening of demand for the country's natural resources, the Reserve Bank of Australia gave no indication that it would cut interest rates any further, following a widely expected decision to leave its benchmark rate at a record low 2.5%.

YOU MIGHT ALSO LIKE