For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Australian Economy Reports Weakest Growth In Decade

|

As per the official data released today, the Australian economy has reported the slowest economic growth at just 1.4% in a year to June. In the April to June period, the economy witnessed just 0.4% growth on the back of government spending as well as mining exports.

Australian Economy Reports Weakest Growth In Decade
 

"The external sector drove GDP growth this quarter, while growth in the domestic economy remains steady," chief economist Bruce Hockman said.

Since the global financial meltdown, the Australian economy had been on track but the numbers released today paint a grim picture when the continent managed to avoid a recessionary situation in 28 years.

A slump in the housing segment, as well as the subdued level of consumer spending, has led the interest rates to a record low of just 1%. Nonetheless, in order to spur the economy, the rates can be further cut in the coming months.

"It is reasonable to expect that an extended period of low-interest rates will be required," Reserve Bank of Australia chief Philip Lowe said.

GoodReturns.in

Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more