Reported about 16 hours ago
Australia's economy showed sluggish growth in the last quarter, with GDP rising only 0.8% year-on-year, marking the slowest growth since 1991, excluding the pandemic period. Despite increased government spending, GDP per capita declined for the seventh consecutive quarter. The Reserve Bank of Australia is faced with the dilemma of needing to cut interest rates amidst persistently high inflation, while the overall economic growth is falling short of expectations. The labor market remains robust, but household spending has stagnated, adding complexity to the RBA's policy challenges.
Source: YAHOO