Australia's first quarter economic growth falls short of expectations, increasing the likelihood of a rate cut.

According to Jinshi data, due to weak public demand and exports, Australia's economic performance in the first quarter was poor, with GDP growing only 0.2%, below the expected 0.4%. The annual growth rate is 1.3%, also lower than the expected 1.5%.

Alex Joiner, chief economist at IFM Investors, stated that this data supports the Reserve Bank of Australia in further easing policies. The money market pricing shows nearly a 90% chance of a 25 basis point rate cut in July.

Financial traders expect that by the end of the year, Australia's cash rate will be around 3.1%.