Australia’s economy grew 0.2% in the first 3 months of the year – that’s below expectations of 0.3%, and it’s the slowest pace recorded since 2021 when lockdowns lingered. The latest GDP figures from the Bureau of Stats show the household saving-to-income ratio dropping to its lowest level since 2008. Treasurer Jim Chalmers said rising interest rates and cost of living pressures were “clearly biting” Aussies. Despite that, analysts say it’s unlikely to stave off further rate hikes… Reserve Bank Governor Philip Lowe yesterday doubled down on Tuesday’s rate hike decision and warned there could be further increases, saying the path to reducing inflation was “likely to be a bumpy one”. ‘Bumpy’ is a word that can also be used to describe the World Bank’s latest global growth outlook – it slashed its expectations for 2024 as rate hikes take a toll worldwide.