Australian Economy Cools as Household Spending Stays Subdued.

AFRICAN Union; ECONOMIC forecasting; HOUSEHOLDS; CONSUMPTION (Economics); COST of living

Australia's economy experienced a slowdown in the last quarter of the previous year due to high interest rates and increasing living costs, which impacted household spending. The country's gross domestic product (GDP) grew by 0.2%, slightly lower than the previous quarter. The annual GDP growth of 1.5% was the weakest since 2000, outside of the pandemic. The government and private business investment were the main drivers of growth, while household consumption remained subdued. The Reserve Bank may face pressure to initiate an easing cycle this year. [Extracted from the article]

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