Analysts had been unanimous in expecting the central bank to leave rates on hold, after surprising many by lifting them in May - a week before the federal budget.

The ABC reports that the amount that companies pay in dividends and interest to overseas shareholders and creditors has been reduced by $A810 million, or 8%, to $A9.2n.

Australia's annual rate of economic growth is back above 3%. The outcome comes after solid activity levels in the latest three months, the ABC reports.

The national accounts for the March quarter show gross domestic product has expanded 0.9% in the quarter, with an upward revision to the December quarter, annual economic growth is now running at 3.1%.

In the latest three months, household spending has been the mainstay of growth. Business investment has made only a modest contribution and the housing sector is still having a negative impact.

Among industries, a cyclone-affected mining sector and manufacturing have detracted from growth. Agriculture, retail and wholesale trade and finance and insurance have been the better performers.

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