Australia's GDP Growth Slower Than Expected

Australias GDP growth slowed in Q3, missing forecasts, raising questions about the economys true strength. The Reserve Bank of Australia is expected to keep rates steady, as markets may have overestimated future hikes. Household savings increased, and people spent less on non-essentials, focusing on necessities. Despite this, some economists see underlying strength, citing a private sector pickup. The bank anticipates two percent growth in the coming years, but challenges remain, including flat economic output per person and declining living standards.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.