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Economic growth figures from the ABS today confirm Australia needed yesterday’s reduction to the cash rate.
Gross domestic product (GDP) eased to just 0.3 per cent in the June quarter, from an upwardly revised 0.7 per cent in the March quarter, the figures showed.
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The expansion was less than the 0.4 per cent expected by economists and could support the case for further rate cuts this year.
Published: 3-09-08
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