Australian economy

The outlook for business continues to worsen, with CreditorWatch forecasting 1 in 11 in hospitality will fail in the next year, with bad news for other sectors.

‘Australia is the only G10 country where underlying inflation has increased since December,’ Deutsche Bank’s chief economist said.

Net zero is a key driver of economic growth, Anthony Albanese has told the second annual forum on Australia’s Ecoonomic Outlook.

Analysts had been predicting a surplus of almost the same amount, meaning the economy has under-performed projections by around $10 billion.

Net zero remains a key focus of the federal Labor government.

The Eras Tour spending led to retail sales growing modestly at 0.3 percent.

People seek additional sources of income amidst financial challenges.

The Australian economy is expected to to post another weak growth result in the December quarter of 2023.

The PM acknowledged the decision would be controversial.

The government says it has banked 92 percent of revenue improvements since the May budget.

‘We want to ensure Australia’s central bank remains world class with a monetary policy framework fit to meet our current and future economic challenges.’

Stronger than expected growth in retail sales indicate inflation still a concern and may see interest rates rise in November.