Australia’s economy stays subdued as consumers cut spending

Quick Summary:

Its Q2 GDP rose 0.2% from the prior quarter, propped up by government spending.

Bloomberg Economics expects growth will remain subdued in 2024, as the cumulative impact of higher rates damps household demand and housing-related activity.

That suggests the Reserve Bank of Australia (RBA) can remain in a holding pattern for a while in order to assess the economy, with the cash rate currently at a 12-year high of 4.35 per cent.

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Article Details

Category: EconomyBusiness

Markets: SingaporeAustraliaNew ZealandUnited States

Topics: Economic Spending Quarter Rates Cent Economy Year Inflation Government June Growth

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-04 @ 10:50:00 (9 hours ago)

News Timezone: GMT +8:00

News Source URL: straitstimes.com

Language: English

Article Length: 624 words

Reading Time: 4 minutes read

Sentences: 24 lines

Sentence Length: 26 words per sentence (average)

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Copyright Owner: © The Straits Times

News ID: 22364315

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