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(Morning News) Australia has reduced 0.5 percentage points under the prediction of economic growth of this fiscal year and the next fiscal year due to the acceleration of inflation, rising interest rates, and slowing global economy.
Bloomberg reported that the Australian Minister of Finance Jim Chalmers was set to submit the economic statement of the parliament on Thursday (July 28) that as of the 12 months of June 30 this year, the economyIt has increased by 3.75 %. Before the May election, the prediction of the previous government was 4.25 %.
He also expects that the growth rate of the economy will be further reduced to 3 %, lower than the 3.5 % of the previous expectations, and by fiscal 2024, it will decrease from 2.5 % predicted to 2 %.
Chammer said in his speech: "The Australian economy is growing, but the same is true of challenges. Some are internal challenges and some come from outside ...There is also the slowdown in global economic growth. "
Chammer took office in May. He said at the time that the new Labor government inherited the" most difficult "economic environment in the existing memory.
The Australian inflation rate rose to 6.1 % last quarter, the highest in 21 years.The rapid rise in prices has prompted the Australian central bank to raise interest rates from 0.1 % in May to 1.35 % at the past three meetings.
Most economists predict that at a meeting on August 2, the Australian central bank will increase the cash interest rate by 50 basis points, and the president Philip Lowe will work hard to make inflation expectations to expect inflation expectationsMaintain near the central bank's 2-3 % target.
