RBA poised to hike rates as Australian economy shows slow growth

The latest economic data from Australia has set the stage for an interest rate hike by the Reserve Bank of Australia (RBA) on September 29.

The country's GDP grew at a modest 0.4% in the June quarter, and 2.1% through the year, according to the latest national accounts.

Despite the relatively slow growth rates, there are no signs of a material economic slowdown required to control inflation, which is currently running high.

The RBA will likely take this into consideration when making its decision on interest rates later this month.