Australia's Economy Expected to Show Modest Growth in Second Quarter

The Australian economy is expected to have experienced weak growth in the second quarter of this year. According to forecasts, the GDP figures will reveal a modest increase for the period. The Commonwealth Bank has revised its GDP outlook down to 0.1% growth for June quarter.

Belinda Allen, head of Australian economics at the bank, stated that the key drivers of softer growth in the quarter were a pull-back in data centre investment and weaker than expected public demand. Travel imports also declined due to more Australians staying home rather than traveling abroad.

The release of the GDP figures by the Australian Bureau of Statistics will provide insight into the nation's economic performance during this period. The figures are expected to have significant implications for the Reserve Bank of Australia as it awaits the latest data.