Australia’s economy powers ahead on exports

SYDNEY: Australia’s economy defied market forecasts with stronger-than-predicted expansion in January-March, driven by net exports and household spending, strengthening expectations interest rates will remain on hold for some months.

Economic growth expanded by 1.1 percent in the first quarter for an annual year-on-year reading of 3.1 percent, the highest in recent years and far above economists’ estimates of 0.8 percent and 2.9 percent.