The Reserve Bank talks of the economy being at a’ gentle turning point’, but Australians merely aren’t spending
The 0.4% Australian GDP growth for the third quarter was lower than forecast by the Reserve Bank this week. But although it might have caught Martin Place by surprise, it’s no great startle to many close commentators of the Australian economy.
With the retail sector on its knees( the sector is forecast to grow at an anaemic 0.3% in figures due out on Thursday ), wages still stagnant and serious doubts about whether the once-booming construction sector can continue to support growth, the outlook touted by the RBA on Tuesday seems quite optimistic.
Read more: theguardian.com