Perth: Australia’s economy has recorded its worst performance since 1992, excluding the pandemic period, driven by successive interest rate hikes aimed at controlling inflation.
The country’s gross domestic product (GDP) grew by just 0.2 percent in the April-June quarter, marking a 1 percent growth over the past year, according to data from the Australian Bureau of Statistics. This annual growth rate, excluding 2020, is the slowest since the early 1990s recession.
On a per capita basis, GDP fell 0.4 percent for the sixth consecutive quarter and declined 1.5 percent year-on-year. This downturn comes after 13 interest rate increases by the Reserve Bank of Australia between May 2022 and November 2023 to combat soaring inflation. Inflation remains above the central bank’s target, despite these aggressive rate hikes.
The weak economic performance has intensified public dissatisfaction with Prime Minister Anthony Albanese’s government, with recent polls showing a decline in approval ratings.
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