Australia's GDP Q2 expands in line with expectations

Australia's Gross Domestic Product (QoQ) for Q2 came at 0.8% vs 0.8% exp and 0.3% last, while the yearly reading registered 1.8% vs 1.8% exp and 1.7% last.

The Aussie eased-off highs reached at 0.8020 and dropped back to test 0.80 handle, as the positive outcome was already priced-in by markets.

Q2 KEY POINTS - Australian Bureau of Statistics

• The Australian economy grew by 0.8% in seasonally adjusted chain volume terms in the June quarter.
• Household final consumption expenditure increased 0.7% and government final consumption expenditure increased 1.2%.
• Exports of goods and services rose 2.7% for the quarter.
• Compensation of employees increased 0.7%.
• The terms of trade fell 6.0% in the quarter.