Reported 4 months ago
Australia's economy only grew 0.1% in the first quarter, falling below market expectations of 0.2%, with annual growth decreasing to 1.1%, the slowest in three decades. Consumer spending was restrained by high borrowing costs and inflation, with the savings rate dropping to a record low of 0.9%. Despite the Reserve Bank of Australia acknowledging the weak economy, it maintains a restrictive policy to balance demand and inflation, amid concerns over rising living costs and taxes.
Source: YAHOO