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Australia’s economic growth will be “very weak” as household spending has been crunched from higher interest rates and inflation, Federal Treasury Secretary Steven Kennedy says. Household consumption is one of the key drivers to the economy.
6 per cent in April, but Dr Kennedy said “I have not been particularly concerned by changes in monthly statistics”, implying a preference for quarterly inflation data, next due in July. Asked to address intergenerational equity, given spending by older Australians appears to be increasing or holding steady while younger Australians’ spending is falling, Dr Kennedy said a bigger issue was the housing market. “Young people are not getting the same opportunities that older people had,” he said.
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