The Australian economy recorded a growth in GDP growth, according to the Australian Bureau of Statistics, abs, by about 0.4% in the second quarter of this year 2023 ending in June, compared to a growth in the first quarter of this year by about 0.4% in the revised reading from 0.2% to match expectations.

On an annual basis, GDP rose to 2.1% from 2.4%, revised from 2.3% compared to the first quarter.

The issued report showed that trade exchange rates declined by 7.9% in the second quarter, and household savings rates declined to 3.2% from 3.6%, while exports added 0.8% to growth, while machinery and equipment contributed 0.2%.