The economy has been slowing over the last year as the Reserve Bank of Australia has piled on 400 basis points in official interest-rate increases to cool...
SYDNEY — Growth for Australia’s commodity-rich economy slowed by less than expected in the second quarter but economists are continuing to warn that a scarring recession remains possible if consumer spending crumbles and a full-blown economic crisis emerges in China over coming months.
The economy has been slowing over the last year as the Reserve Bank of Australia has piled on 400 basis points in official interest-rate increases to cool consumer-price inflation, which had been racing at its fastest pace since the 1980s. Solid government spending and a strong export performance helped underpin growth in the economy through the second quarter, while surging postpandemic migration also added to demand.
“Economic growth held up relatively well in the second quarter, despite the inevitable toll of high interest rates, high but moderating inflation and continuing global uncertainty, including the slowdown in China,” Chalmers added.
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