Australia's GDP Growth Surprises With Unexpected Acceleration

Australia's economic growth has accelerated unexpectedly in the past quarter, sparking concerns that inflation may not slow down as quickly as the Reserve Bank of Australia (RBA) hopes.

Data from the Australian Bureau of Statistics showed that GDP advanced 0.4% in the three months through June, beating forecasts for a 0.3% gain.

This growth rate is even higher when measured against last year's figure, with the economy expanding 2.1%, compared to a median estimate of 1.8%.

Alex Joiner, chief economist at money manager IFM Investors, warned that 'the economy risks not slowing quickly enough for the Reserve Bank of Australia (RBA) to achieve its inflation objectives.'