Shocking Decline! 📉 Australia’s GDP Hits Record Low! 🇦🇺

well now we know Australia's annual GDP growth rate fell to its lowest level since December 1991 that's outside of the pandemic of course as consumers hunkered down in the face of elevated borrowing costs and stubbornly sticky inflation Australia's annual GDP growth rate has slowed markedly from a decade average of around 2.4% partially of course due to the rba's rate tightening campaign through 2022 and 2023 targeting inflation cash rate is currently at a 12E high of 4.35% and policy makers have signaled there in no rush to cut it anytime soon this weak growth is the cost of getting inflation under control said Alex Joiner the chief economies at ifm investors with the rba's policy setting likely to remain unchanged through the remainder of the year the risk is second half growth disappoints expectations of a modest recovery he said