RBA rate hike ‘all but assured’ after economy grows 2.1%
Australia’s economy grew a stronger-than-expected 2.1% over the past financial year, adding to pressure on the Reserve Bank to raise interest rates again.
Another Reserve Bank rate rise is all but assured after Australia’s economy grew by a surprisingly strong 2.1% in the past financial year.
Despite the impact of higher interest rates and the Middle East conflict, gross domestic product expanded by 0.4% in the June quarter – up from 0.3% in March – the Australian Bureau of Statistics (ABS) reported on Wednesday.
The result was above consensus forecasts, as well as Reserve Bank projections for annual growth of 1.9%.
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