Australia's Economy Beats Forecast with 0.4% Growth Rate

Australia's economy grew slightly faster than expected in the second quarter, at a rate of 0.4%.

This surpasses economists' forecast of a 0.3% growth and accelerates from a revised 0.3% increase in the March quarter.

The Australian Bureau of Statistics released this data on Wednesday, which shows that Australia's GDP is now 2.1% higher than it was a year ago, exceeding the 1.8% forecast.

The Reserve Bank of Australia is closely watching inflation and economic capacity as they consider hiking interest rates again.