Economy takes a step forward

AUSTRALIA'S economic expansion sped up to an annual growth rate just short of 3 per cent in the September quarter.

The economy expanded by 0.6 per cent in the quarter, shy of the 0.7 per cent result expected by economists.

This left the annual rate at 2.8 per cent, up smartly from 1.8 per cent previously, as the 0.4 per cent growth contraction recorded in the September quarter of 2016 dropped out of the equation.

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