Australia's economy grew by 0.4 per cent in the June quarter, according to the latest Australian Bureau of Statistics National Accounts. ^[1] The annual economic growth rate to June 30 reached 2.1 per cent, seasonally adjusted. ^[2] The Australian Bureau of Statistics reported on Tuesday that Australia's current account deficit grew to A$27.22 billion in the June quarter, up from a revised A$25.45 billion deficit in the prior quarter. ^[3] Australia's 10-year government bond yield rose 0.7% to 5.223% on Wednesday, reaching a 15-year high, after Q2 GDP data strengthened the case for further Reserve Bank of Australia rate hikes. ^[4] Economists had forecast a quarterly rise of 0.3 per cent and annual economic growth of 1.8 per cent. ^[5] Traders have pushed up the odds of a September rate hike by the Reserve Bank of Australia to about 60 per cent. ^[6] Australia logged a A$5.1 billion deficit in the balance of goods and services, with imports rising past exports due to persistently higher oil and gas prices. ^[7] Economists polled by Reuters had estimated the second-quarter growth rate at 1.8%. ^[8] The Reserve Bank of Australia indicated that the stronger-than-expected GDP print allows them to proceed with policy tightening to curb inflation. ^[9] The slight growth was driven by private demand and mining exports. ^[10]