Australian economy grew at the fastest pace in 6 years - Reuters

Reuters offer key insights on the solid Australian Q2 GDP figures released earlier today.

Key Highlights:

“Australia’s economy sped past all expectations last quarter as rapid population growth fuelled demand for homes and infrastructure.

The rousing result marked the 27th year without a recession, a remarkable feat given an ever-changing procession of prime ministers.

Household consumption had rebounded in the June quarter to add 0.4 percentage points to GDP.

Also adding to growth were net exports, home building and government spending.

For the whole year to June, GDP amounted to A$1.84 trillion ($1.33 trillion) in current dollars, or about A$74,000 for each of Australia’s 25 million residents.”