Reserve Bank of Australia holds rates as exports drive growth

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Growth in exports drove Australian GDP to increase 0.6% in the first quarter of 2013, according to statistics released today – a day after the Reserve Bank of Australia (RBA) chose not to cut rates further.

Economic growth during the past year "has been a bit below trend", said RBA governor Glenn Stevens in the bank's latest monetary policy statement. Nevertheless, the policy committee decided to hold rates – having cut them by 200 basis points over the last 20 months–- in order to let the previ

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