Householders are suffering most from Australia’s sluggish economy but things could definitely be worse
Shoppers and businesses might feel like they are paying through the nose but economic data is showing some positive signs.Shoppers and businesses might feel like they are paying through the nose but economic data is showing some positive signs.Australia’s economy might not feel miraculous to households and businesses on the brink, but there is definitely an element of mystery about how it’s actually travelling.
In fact, the updated inflation forecast doesn’t “look a hell of a lot different than the November forecast”, Bullock told media after the RBASign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundupIn the broadest terms, the RBA doesn’t expect the inflation uptick to last because the economy will slow even further. Annual GDP growth in 2023 was 1.5% – well shy of population growth of about 2.4% – and it will sag to 1.
Despite all the angst internationally and a slowing domestic economy, the RBA’s jobless forecast was actually trimmed. Treasurer Jim Chalmers has rejected the need for what he called “scorched-earth austerity” and the still relatively new RBA chief wasn’t calling for it either.
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