Australian economy grows 1.8% annually, fastest in nearly two years, fueled by increased household spending.

Australia's economy grew by 1.8% annually, the fastest rate in nearly two years, driven by increased household spending. The growth exceeded expectations, with private demand, particularly higher household consumption, contributing significantly to GDP. The household saving ratio dropped from 5.2% to 4.2% as disposable income rose. Despite the positive figures, the Reserve Bank of Australia still expects a gradual recovery in growth.