The Australian economy grew by 2.1% year-on-year in the second quarter, beating economist forecasts of 1.8%. On a quarterly basis, GDP rose 0.4%, also surpassing expectations of 0.3%. Household consumption remained cautious with a limited increase of 0.4%, as families reduced fuel consumption and travel spending due to the Middle East conflict. July inflation reached 3.5%, above the expected 3.3%, with the Reserve Bank of Australia anticipating a return to its 2%-3% target only by late 2027. These figures could prompt the RBA to continue its monetary tightening to curb inflation.
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