Reserve Bank of Australia Governor Glenn Stevens held rates yesterday after six reductions totaling 1.75 percentage points from November 2011 to December 2012 helped buttress the economy. Policy makers are trying to stimulate industries outside mining, where investment is expected to peak this year.
Australia’s economy expanded last quarter, driven by exports and a surge in infrastructure spending, extending the nation’s run of 21 recession-free years.
Fourth-quarter gross domestic product advanced 0.6 percent from the previous three months, when it rose a revised 0.7 percent that was higher than initially reported, a Bureau of Statistics report released in Sydney today showed. The result matched the median of 28 estimates in a Bloomberg News survey.
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