Australian economy holds firm in June quarter driven by export boom

National accounts figures show GDP expanded by 3.6% compared with a year earlier as households drew down on savings to keep spending

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Australia's economy held firm in the June quarter as a yawning trade surplus propelled growth even as companies began to cut back on demand, as households drew on their savings to keep spending.

National accounts data released by the Australian Bureau of Statistics on Wednesday show gross domestic product expanded 0.9% for the quarter and 3.6% compared with a year earlier.