Australian GDP growth shoots past expectations

Sydney

AUSTRALIA's economic growth boomed past expectations in the first quarter with the annual pace speeding to its fastest in over three years, an upbeat result that all but assures the central bank will be on hold at its policy meeting next week.

The official data on Wednesday showed gross domestic product (GDP) grew 1.1 per cent in the three months to March, accelerating from an upwardly revised 0.7 per cent and well above the median forecast of 0.8 per cent.

That pushed the annual growth rate to 3.1 per cent - a pace not seen since late 2012 - from a downwardly revised 2.9 per cent, keeping the economy well on track to meet the Reserve Bank of Australia's (RBA) for…