Australia cuts GDP growth outlook on inflation, higher rates – Bloomberg

“Australia downgraded its economic growth outlook by a half-percentage point for this fiscal year and next due to accelerating inflation, higher interest rates and a slowing global economy,” reported Bloomberg early Thursday morning in Asia.

The news quotes excerpts of an economic statement to be delivered to parliament Thursday by Aussie Treasurer Jim Chalmers while mentioning, “The economy expanded 3.75% in the 12 months ended June 30, compared with the previous government’s estimate of 4.25% ahead of a May election.”

More to come