Australia's economic momentum has noticeably slackened in the final quarter of last year, mirroring the strain elevated interest rates and surging living expenses have placed on consumer expenditure.
The latest figures from the Australian Bureau of Statistics (ABS), Gross Domestic Product (GDP) saw a modest rise of 0.2% in the quarter ending December, a slight deceleration from the previously revised 0.3% growth in the third quarter. Year-on-year, the economy expanded by 1.5%, in line with forecasts but represents a deceleration from the decade’s average growth rate of 2.4%. This period marks the weakest annual performance since the end of 2000, barring the pandemic years.
