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Australia's economy expands on exports, business spending

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Australia's economy grew 0.6 per cent in the third-quarter, boosted by exports and business spending despite weak growth in household expenditure, official data showed Wednesday.

[SYDNEY] Australia's economy grew 0.6 per cent in the third-quarter, boosted by exports and business spending despite weak growth in household expenditure, official data showed Wednesday.

The quarterly expansion took the annual rate of growth to 2.8 per cent, slightly below expectations but broadly in line with the central bank's forecasts, the Australian Bureau of Statistics figures showed.

The previous quarter's reading of 0.8 per cent was revised up to 0.9 per cent, extending the Australian economy's uninterrupted growth to 26 years without a recession.

AFP

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