Overview
- Australia's GDP grew only 0.2% in the June quarter and 1% over the past year.
- On a per capita basis, GDP fell 0.4% quarterly, marking six consecutive declines.
- Government spending was the main driver of growth, while household spending and business investment declined.
- Interest rates have been raised 13 times since May 2022, impacting consumer spending and economic activity.
- Inflation remains above the Reserve Bank's target, complicating potential rate cuts.