The Aussie economy beats expectations
Much like Claude the koala, Australia’s economy is a bit sluggish… It grew 0.4% in the April-June quarter, taking it to an annual rate of 2.1%. That’s down from 2.4% in the 3 months to March as interest rate hikes put a break on spending. But the latest figures are still better than the 0.3% quarterly rise economists had expected, thanks to a jump in exports, tourism, and business investment. And things will likely slow even further… The Reserve Bank expects our annual economic growth rate to slow to 0.9% by the end of the year as spending slows and productivity remains at historic lows. And after announcing the appointment of Danielle Wood as the Productivity Commission’s first female boss, Treasurer Jim Chalmers said the result shows the economy remained “steady and sturdy” – a phrase we’re nabbing for the title of our autobiography.
Know someone who'd be interested in this story? Click to share...
The Squiz Today
Your shortcut to being informed, we've got your news needs covered.
Also Making News
Get the Squiz Today newsletter
Quick, agenda-free news that doesn't take itself too seriously. Get on it.