Australia's Economy Grows at Fastest Rate in Three Years; Rate Cut Hopes Rise

Key Facts

• 1Australia's economy grew at an annual rate of 2.6 per cent, the fastest in almost three years, significantly exceeding forecasts
• 2The Reserve Bank of Australia is expected to view the economic growth positively in the context of interest rate decisions
• 3The ASX extended losses as mining stocks tumbled amid rising oil prices and Iran war fears
• 4Australia's treasurer ordered scrutiny of potential petrol price gouging amid Middle East conflict fears
• 5Australian energy experts warned energy bills could surge, drawing comparisons to the 40% electricity price rise in 2022 after Russia's Ukraine invasion
• 6Australian unions launched a bid to give workers an extra week of annual leave on top of the current four weeks
• 7Australia doubled graduate visa application fees, adding $2,300 to costs, among other key immigration changes