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| Name | How close is Australia to a recession? | The Business | ABC News |
| Video Uploader | Video From ABC News (Australia) |
| Upload Date | This Video Uploaded At 05-06-2024 10:08:22 |
| Video Discription | Australia's economy barely grew in the first three months of 2024 and outside of the pandemic, it expanded at the slowest annual rate since the 1990s recession. GDP per capita fell for the fifth consecutive quarter but record population growth is keeping Australia out of recession. The Treasurer Jim Chalmers blamed the weak growth on "higher interest rates... persistent inflation and ongoing global uncertainty." Speaking before the data was released, the RBA Governor Michele Bullock warned the central bank "won't hesitate" to raise rates again if it can't get inflation down. Financial markets have now increased the odds of the Reserve Bank lowering the cash rate by the end of 2024. #ABCBusinessSubscribe: http://ab.co/1svxLVE Read more here: https://www.abc.net.au/news/2024-06-05/asx-markets-business-live-news-june-5-2024/103936454 ABC News provides around the clock coverage of news events as they break in Australia and abroad. It's news when you want it, from Australia's most trusted news organisation. For more from ABC News, click here: https://ab.co/2kxYCZY Watch more ABC News content ad-free on ABC iview: https://ab.co/2OB7Mk1 Go deeper on our ABC News In-depth channel: https://ab.co/2lNeBn2 Like ABC News on Facebook: http://facebook.com/abcnews.au Follow ABC News on Instagram: http://instagram.com/abcnews_au Follow ABC News on X (Twitter): http://twitter.com/abcnews Note: In most cases, our captions are auto-generated. #ABCNews #ABCNewsAustralia |
| Category | News & Politics |
| Tags | Australia | abc | abc news | news | recession | rates | interest rates | cash rate | reserve bank | rba | banks | economy | markets | gdp | per capita recession | Australian economy | inflation | construction | tradies | migration | immigration | michele bullock | mortgages | jim chalmers | government | national accounts | households | incomes | spending | population growth | business news | finance | finance news | Australia news | economic news | the business |
