Australia's economy powers ahead on exports

Australia's economy defied expectations with stronger-than-expected expansion in January-March, driven by net exports and household spending, to take annual growth to its highest level in recent years. Economic growth expanded by 1.1 percent in first quarter for an annual year-on-year reading of 3.1 percent, far above economists' forecasts of 0.8 percent and 2.9 percent, the Australian Bureau of Statistics figures showed. The Australian dollar, which had already jumped by half a cent following s