According to Australia’s latest national accounts, the country’s Gross Domestic Product (GDP) has already grown by exactly two times value of the half percent growth forecast by the Reserve Bank of Australia in August.
As per reports from the Australian Bureau of Statistics, retail spending decreased by 0.2 percent in September. But this fall did not hit the recovery process and is actually a confirmation that the economy is recovering as planned.
The RBA had come out with its second hike in interest on Tuesday and stated that the pattern for growth was changing. It said that the spending pattern over the latter half of this year is likely to be different from the former half when household consumption overshadowed home-building and business investment.
The RBA is scheduled to publish the next edition of its quarterly statement on Friday, which would most likely highlight the economy’s brighter outlook on the back of a strong performance up to now.
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