Economy

GDP for the June 2024 quarter shows a 30-year low growth rate in the economy, as the Government blames high inflation and high interest rates.

The global economic institution, the IMF, has predicted inflation and interest rates will remain high in the coming year.

What is GDP? Everything you need to know about the current state of Australia’s economy, and why some analysts have called it “very weak”.

Both the ‘national minimum wage’, which affects 1% of the workforce, and minimum award wages, which cover 2.6 million Australians, are covered by this increase.

Inflation (rising prices) has held steady month-on-month, with prices rising by 3.4% in February matching the inflation figures from January.

The RBA has left interest rates unchanged at 4.1% for the month of July, with RBA Governor Philip Lowe saying inflation has “passed its peak”.