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Australia economy buoyed by consumer spending, exports in Q2

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SYDNEY — Australia’s economy picked up speed in the June quarter as consumers kept spending and energy exports boomed, offering hope activity can weather sharply higher interest rates and cost-of-living pressures.

Data from the Australian Bureau of Statistics on Wednesday showed gross domestic product (GDP) rose 0.9% in the second quarter, in line with forecasts and up on the first quarter’s 0.7% rise.

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Annual growth accelerated to 3.6%, from 3.4% the previous quarter, as the lowest unemployment rate in almost five decades underpinned household incomes and spending. (Reporting by Wayne Cole; Editing by Jacqueline Wong)



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