Australian GDP Pickup Suggests RBA Transition Working: Economy

Australia’s economy grew at the fastest pace in two years as surging exports and home building showed record-low borrowing costs are sustaining a 22-year expansion even as mining investment slows.

First-quarter gross domestic product advanced 1.1 percent from the previous three months, government data today showed, beating the 0.9 percent gain forecast in a Bloomberg News survey. The Aussie dollar climbed and bond yields rose.