Australia’s Q2 GDP figures have come in right on target, growing 0.6% in the June quarter and 2.6% year on year.
GDP grew 0.6% last quarter, and 2.5% year-on-year.
Q2 growth was driven by a 0.2% increase in household consumption and 0.2% from changes in inventories.
The industries that drove growth in the June quarter were finance, mining, and construction. The finance industry contributed 0.2% while the other industries each contributed 0.1% to the increase in GDP.
The AUD jumped 40 pips to a 2-week high of $US0.9082 on the release.