Australian Economy Beats Estimates, Adding to Rate-Hike Case

The Australian economy has reported better-than-expected growth in the three months through June, exceeding forecasts for a 0.3% gain.

Gross domestic product (GDP) advanced 0.4%, and from a year earlier, the economy expanded 2.1% compared to a median estimate of 1.8%

This unexpected growth adds pressure on the Reserve Bank of Australia (RBA) to raise interest rates again as inflation remains strong.