/ 06 June 2024

The economy stalls

inflation, interest rates, economy

Australia’s economy has slowed to a crawl, with gross domestic product – aka the value of everything a nation produces – rising by just 0.1% in the first quarter of the year. The latest Bureau of Stats data showed the lower-than-expected rate of economic growth, bringing the total to 1.1% over the past year. Treasurer Jim Chalmers gave a glass-half-full response, saying “against this difficult global backdrop, Australia recorded faster annual growth than most major advanced economies”… He put the weak figures down to high interest rates, inflation and global uncertainty. Reserve Bank Governor Michele Bullock said while the economy was “very weak”, the labour market was growing and she hasn’t ruled out further interest rate rises. But the Coalition’s Angus Taylor said the figure should be a “wake-up call” for the Albanese Government. It’s a similar story around the world, with people changing their spending habits “from YOLO to yo, no”

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