Australia’s GDP growth slumps to record low

Australia’s GDP growth has reached a record breaking low of 1%, the lowest growth since 1991-92 according to the Australian Bureau of Statistics.

Treasurer Jim Chalmers claimed this slow down is because global economic uncertainty, inflation and interest rates of the reserve bank with fears of a recession.

The Treasurer has recently taken aim at the Reserve Bank, prompting debate over the role of the RBA.

Image: Shutterstock: SkazovD

Produced By: Abhranil Hazra

Featured In Story: Professor John Quiggin Faculty of Economic from the University of Queensland

First aired on The Wire, Wednesday 4 September 2024