Australia’s economy strengthens, but growth challenges remain

SYDNEY: Australia’s economy was stronger-than-expected in the first quarter of the year as exports and consumer spending boosted growth, data showed on Wednesday, reinforcing a decision to keep interest rates on hold after two cuts this year.

The mining-driven economy grew by 0.9 percent in the first three months of 2015, above analysts’ expectations of 0.7 percent, to take the annual rate of growth to 2.3 percent, Australian Bureau of Statistics figures showed.