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.
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