SYDNEY (Reuters) -- Australia's economy barely grew in the first quarter as consumers stayed stubbornly frugal and government spending, the engine of activity last year, sputtered to a standstill, underlining the need for more policy stimulus.
The Reserve Bank of Australia has already cut interest rates twice since February to 3.85% and the minutes of the May policy meeting showed that it was open to an outsized half-point move as U.S. tariffs darkened the outlook for the global economy.
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