Reported 4 months ago
Australia's economy nearly stagnated in the first quarter of the year due to elevated interest rates and cost of living pressures impacting households and broader economic activity. Gross domestic product rose just 0.1%, below expectations, with annual growth at 1.1%, the weakest outside of the pandemic since 1992. The underperformance may prompt the Reserve Bank to consider easing rates, given the impact on household spending and weak economic growth observed by economists and officials.
Source: YAHOO