Shares plunge; US manufacturing data frays investor nerves; Orora rallies after selling North American business; Cettire founder lifts stake. Follow updates here.
The number: Australia’s gross domestic product grew 0.2 per cent in the second quarter of 2024, following a 0.1 per cent rise in the March quarter, slightly under Reuters forecasts of a 0.3 per cent increase but in line with Bloomberg. On an annual basis, the economy expanded 1 per cent, its slowest pace since the early 1990s, apart from the pandemic, and follows a 1.1 per cent gain in the 12 months to March. Reuters had forecast a rise of 1 per cent and Bloomberg 0.9 per cent.
4 per cent in June. Why it matters: The Reserve Bank of Australia wants the economy to slow to get inflation back to target. It has lifted the cash rate to 4.35 per cent since 2022, yet price growth is proving sticky. What has changed: GDP partials released this week were a mixed bag. Net exports were well softer than expected, but government spending increased sharply and beat forecasts.
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