Australia's much-vaunted economy grew at its slowest pace in a decade last ...
SYDNEY - Australia’s much-vaunted economy grew at its slowest pace in a decade last quarter as cash-strapped consumers went on strike, an urgent argument for more monetary and fiscal stimulus as headwinds mount globally.
The downbeat report poses a challenge for Prime Minster Scott Morrison who won election in May largely based on a pledge that growth would be stronger on his watch. The monetary easing has sparked a much-needed revival in house prices, but home construction remains in a deep hole and consumer spending has yet to show any recovery.
“There are powerful structural headwinds from weak wages growth and productivity, constraining consumer spending. The global economy is slowing and downside risks have intensified,” warned Westpac senior economist Andrew Hanlan.Westpac is tipping a rate cut as early as October.If there was a bright spot in Wednesday's numbers it was that quarterly growth of 0.5% matched market forecasts, when there had been fears it would be even weaker.
Household consumption, usually a powerhouse of the economy, added a tepid 0.8 percentage points to growth for the entire year, while spending on autos actually sank 7%.
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