Australia’s economy expanded slower than economists forecast in the final three months of last year, underscoring the central bank’s decision to renew its policy easing cycle.
Fourth-quarter gross domestic product advanced 0.5 percent from the previous three months, when it rose a revised 0.4 percent, a Bureau of Statistics report released in Sydney today showed. The result compared with the median of 28 estimates in a Bloomberg News survey for a 0.6 percent gain.
The Reserve Bank of Australia kept its key interest rate unchanged at a record low Tuesday, after cutting in February, as it seeks to encourage spending by consumers and companies to offset falling mining investment. Australian firms, outside of property, have opted to pay dividends or salt away cash rather than invest in new projects.
Bloomberg
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