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Australian Growth Beats Estimates as Rebalancing Begins: Economy

Australia’s economy expanded faster than analysts forecast last quarter on rising household spending and lower savings, as the central bank’s bid to spur consumption-led growth bears fruit.

Fourth-quarter gross domestic product advanced 0.8 percent from the previous three months, exceeding the median of 28 estimates in a Bloomberg survey for a 0.7 percent gain. The savings rate fell to 9.7 percent in the final three months of 2013, the first time it has dropped below 10 percent since 2010.