Australian Economy Surpasses Expectations with 2.1% Growth in Q2

Australia's economy posted stronger-than-expected growth in the second quarter of 2024, rising 2.1% year-on-year.

The growth was driven by solid contributions from the services sector, government spending, and a rebound in exports.

Household consumption remained subdued due to high borrowing costs and persistent inflation on consumer confidence.

The data complicates the Reserve Bank of Australia's policy path, with some economists pushing their first rate-cut expectations to early 2025.