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Australian growth slows

Australia's economic growth slowed last quarter in response to a stronger currency and weaker commodity prices, as central bank Governor Glenn Stevens (right) indicated he wants to avoid cutting interest rates.

Second-quarter GDP rose 0.5pc from the prior three months, when it rose 1.1pc, a Bureau of Statistics report showed. Mr Stevens, in a speech shortly after the release, said he is unwilling to drive up house prices even further to quicken a fall in unemployment, which jumped to a 12-year high in July.