Australia's economy expands at its fastest pace in nearly three years

Australia's economy grew at a 2.6% annual rate, exceeding forecasts and marking the fastest pace in nearly three years. This robust growth in the December quarter, up from 2.1% previously, was driven by broad industry increases, higher corporate profits, and increased investment spending. The strong economic activity aligns with rising inflation, prompting the Reserve Bank of Australia to raise interest rates in February to moderate growth.