Early Wednesday morning, Reserve Bank of Australia Governor Philip Lowe delivered a speech at the Morgan Stanley Australia Summit, reiterating his position that the central bank will seek to navigate a 'narrow path.'
Economists polled by Reuters had forecast an expansion of 2.4%, compared to the 2.7% expansion in the fourth quarter of 2022.View of the Yarra River flowing through Melbourne city centre in Australia.Australia's first-quarter gross domestic product expanded by 2.3% year-on-year, just slightly below analyst expectations.
Economists polled by Reuters had forecast an expansion of 2.4%, compared to the 2.7% expansion in the fourth quarter of 2022. On a quarter-on-quarter basis, GDP grew by 0.2%, compared to the 0.3% expected in the Reuters poll., said: "This is the sixth straight rise in quarterly GDP, but the slowest growth since the Covid-19 Delta lockdowns in September quarter 2021."
"Private and public gross fixed capital formation were the main drivers of GDP growth this quarter," Keenan said. The GDP readings are key to the Reserve Bank of Australia's decision making process for its monetary policy. Just on Tuesday, the RBA
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