Australia Economy Expands Faster Than Expected; Currency Rises
Wednesday, 5 September 2018 08:46 WIB | ECONOMY |Ekonomi Australia

Australia economy grew faster than expected in the three months through June as households ran down savings to finance spending. The currency jumped.

GDP advanced 0.9% from prior quarter vs estimated 0.7% gain. GDP climbed 3.4% from year earlier vs forecast 2.9% rise. Household savings ratio was 1% in 2Q vs a revised 1.6% in prior three months. Aussie dollar rose, buying 72.15 U.S. cents at 11:32 a.m. in Sydney vs 71.89 pre-data.

The data span a period when government spending helped offset softer business investment and Australia enjoyed a prolonged tailwind from revived exports following disruptions late last year. Hiring remained solid and unemployment fell, suggesting support for consumption remained even as households struggle with heavy debt and weak wages.

The central bank is playing an anchor role, keeping the benchmark interest rate at a record-low to help drive growth to above-average levels and soak up spare capacity in the labor market, a precursor to faster wage gains and higher inflation. Governor Philip Lowe acknowledges the process will be gradual, while maintaining the next rate move is likely to be up.

Source : Bloomberg

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