Australian economy toasts 25 years without downtime
The Australian resource-rich economy expanded at its fastest annual tempo in four years the previous quarter, clinching a remarkable run of 25 years without downtime as soaring exports more than made up for a patchy performance at home.
The Australian dollar stood still at $0.7662 after GDP ascended 3.3% in the year to June, up from approximately 2.9% last quarter.
The value of all goods as well as services grew 0.5% compared to the first quarter, when production climbed by an unusually sturdy 1%.
Growth in the quarter was spurred by a pre-election spurt in government spending combined with moderate revenues in household spending as well as home building. It helped to compensate another abrupt drop in mining investment, that has been dragging on the Australian economy for more than three years now.
For the year as a whole, international trade appeared to be the biggest prop to growth because the hundreds of billions invested in mining projects yielded a bounty of resource exports.