2023 Q3 Australian economy grew 0.2%, annual growth 1.5%, with high interest rates slowing demand and weakened household consumption.
Australian economy's March quarter national accounts reveal a subdued growth of 0.2% in the final three months of 2023, resulting in an annual growth of 1.5%. Economists expect lingering high interest rates to continue slowing the economy, impacting demand for goods and services. Household consumption, representing half of Australia's economic activity, is expected to weaken due to interest-rate pain felt by mortgage holders.
June 02, 2024
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