Photographer: Patrick Hamilton/Bloomberg Commuter's walk past the Albert Street Uniting Church, center, and other buildings in the central business district of Brisbane, Australia. The economy probably expanded 0.7 percent from the second quarter and 3 percent from the prior year, according to economists surveyed by Bloomberg ahead of third-quarter data to be released tomorrow. Australia’s central bank keptinterest rates at a record low to spur an economy struggling for traction against a high currency and tumbling export prices. Governor Glenn Stevens kept the overnight cash rate target at 2.5 percent for a 16th month, saying in a statement that “key commodity prices have declined significantly in recent months.” Today’s board decision was predicted by all 30 economists surveyed by Bloomberg Newsand markets had priced almost no chance of a move. “The most prudent course is likely to be a period of stability ininterest rates,” Stevens said, repeating comments from last month on rates and the currency. “The Australian dollar remains above most estimates of its fundamental value” and “a lower exchange rate is likely to be needed to achieve balanced growth in the economy,” he said. The price of iron ore, which accounts for more than A$1 in A$5 of Australia’s export income, plunged more than 40 percent this year as supply rises and Chinese demand cools. The RBA kept rates unchanged to encourage domestic industries to invest as 11-year high unemployment and weak wages subdue inflation. “Most data are consistent with moderate growth,” Stevens said. “Resources sector investment spending is starting to decline significantly, while some other areas of private demand are seeing expansion, at varying rates. Public spending is scheduled to be subdued. Overall, the Bank still expects growth to be a little below trend for the next several quarters.” bloomberg