Accelerating economic growth in Australia drove up gross domestic product by 1.3 per cent in the June quarter and 2.6 per cent from a year earlier, exceeding market expectations to record the fastest quarterly rise since late 2003.

The news, combined with Wednesday’s decision by the Reserve Bank of Australia, the central bank, to hold interest rates steady, helped nudge up the Australian dollar toward 77 cents against the greenback, outperforming other major currencies.