Australian Q1 GDP flat at 0.6% on quarter vs consensus of +0.8%. On year, GDP drops to 2.5% from...

Australian Q1 GDP flat at 0.6% on quarter vs consensus of +0.8%. On year, GDP drops to 2.5% from 3.1% and misses expectations of 2.7%. With exports helping to drive growth, one economist says the figures highlight the weakness of domestic demand. Another says the reading shows that Australia's transition to growth led by non-resource industries as the mining boom peaks is still "fairly hesitant and slow," and would support another rate cut. The Aussie (NYSEARCA:FXA) is -0.2% vs the USD. (PR)