Australia’s economy remains resilient

Moving ahead: Shipping containers are unloaded at Port Botany in Sydney. Australia’s gross domestic product advanced 0.7% in the second quarter ended June from the prior quarter, underscoring its recovery. ― AFP

SYDNEY: Australia’s economy grew faster than expected last quarter as household’s tapped their savings to boost spending, underscoring the central bank’s view that the nation entered a renewed lockdown with solid momentum.

Gross domestic product (GDP) advanced 0.7% in the three months through June from the prior quarter, when it rose an upwardly revised 1.9%, Australian Bureau of Statistics data showed yesterday.