The Australian dollar is falling towards 62 US cents, its weakest level since October 2022, while the ASX has fallen sharply in early trade after the US Federal Reserve cut interest rates, but signalled there would be fewer rate reductions next year. Follow live.
Markets live: Australian dollar sinks towards 62 US cents, ASX falls to six-week low after US Fed eral Reserve cuts interest rates Markets live: Australian dollar sinks towards 62 US cents, ASX falls to six-week low after US Fed eral Reserve cuts interest ratesThe Australian dollar has fallen to around 62 US cents, its weakest level since October 2022, while the local share market has tumbled in early trade.
So if we were to record a technical recession soon, we'd need six months of negative growth starting from the December quarter, and stretching across the March quarter, andHaving said that, the annual rate of growth for Australia's economy is currently just 0.8%, which is the slowest the economy's grown since the early 1990s recession.But another way of thinking about recessions is to think about the unemployment rate and how quickly it's rising.
But given the lowest unemployment rate Australia has recorded in the last 12 months has been 3.7%, and the current unemployment rate is just 3.9% Now, that strength in Australia's labour market is one of the confounding factors that's making it more difficult for economists to forecast where things are heading.
Not only did it keep charging them, but the Federal Court found that it had not notified people of this or promptly refunded them. AGL has also been ordered to pay for a 3 year compliance program to ensure it doesn't charge "inactive" customers again.
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