Australia will phase out stimulus spending in the coming months amid signs the developed world's best performing economy will be the first among its peers to lift interest rates.
Gross domestic product figures out yesterday showed that the economy expanded by 0.6 per cent between April and June compared both with the previous quarter and the same period a year before.
Wayne Swan, treasurer, said the performance was remarkable given the fragility of the global economy. “Today's result means we are the fastest growing advanced economy over the past year and the only advanced economy to have recorded positive growth over the past year,” he said.
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