Australia's Economy Faces Worst Performance Since Early 1990s

Recent GDP figures reveal minimal growth, driven primarily by government spending amid high interest rates and inflation.

• 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.

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