Rising mortgage repayments and an increasing income tax take have crunched household budgets and consumer spending, as lower commodity prices and falling productivity squeeze corporate profits and national income.
In real terms, gross domestic product expanded 0.4 per cent in the June quarter, slicing annual growth to 2.1 per cent from 2.4 per cent, the Australian Bureau of Statistics said on Wednesday.
Loading...
Michael Read is the Financial Review's economics correspondent, reporting from the federal press gallery at Parliament House. He was previously an economist at the Reserve Bank of Australia and at UBS. Connect with Michael on Twitter. Email Michael at michael.read@afr.com
