/ 07 September 2023

The Aussie economy beats expectations

Image source: Getty
Image source: Getty

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.

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