Australia’s Economic Growth Weak
The latest economic growth for Australia has been weaker than expected. The Australian Bureau of Statistics has reported a small 1.7% growth but it still remains short of what is needed to drive down unemployment and lift wages. Overall household spending has softened even with Morrison’s tax cuts. Treasurer Josh Frydenberg claims that this is all a timing issue and consumers should not be concerned around the busy Christmas period. While Frydenberg claims that these tax cuts have helped households, it seems Australians are more focused on spending money on the essentials with overall household rising just 0.1%. Assistant Professor John Hawkins from University of Canberra joined us to help explain how this affects our economy.