🌟 [ 8 ]   How close is Australia to a recession? | The Business [ @ABC News (Australia) ]

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: [ 🔗 Click ‼️ ] Read more here: [ 🔗 Click ‼️ ] 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: [ 🔗 Click ‼️ ] Watch more ABC News content ad-free on ABC iview: [ 🔗 Click ‼️ ] Go deeper on our ABC News In-depth channel: [ 🔗 Click ‼️ ] Like ABC News on Facebook: [ 🔗 Click ‼️ ] Follow ABC News on Instagram: [ 🔗 Click ‼️ ] Follow ABC News on X (Twitter): [ 🔗 Click ‼️ ] Note: In most cases, our captions are auto-generated. #ABCNews #ABCNewsAustralia

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