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The New Daily
The New Daily
Matthew Elmas

Economy slows to a crawl as consumers cut spending

Economy RBA Philip Lowe Brendan Rynne Inflation Sean Langcake KPMG
10 News First – Disclaimer

Australia’s economy is slowing rapidly as families slash spending and raid savings to overcome the cost-of-living crisis, according to new growth data that could leave the RBA “nervous”.

Official figures published on Wednesday revealed the nation suffered a torrid start to 2023, with gross domestic product (GDP) rising just 0.2 – the slowest since the depths of 2021’s lockdowns.

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