Australia's economy exits 21-month per capita recession | The Business | ABC News

Australia's economy grew at the fastest pace in two years in the December quarter, ending a long-running per capita recession. It expanded 0.6 per cent in the three months to the end of December and 1.3 per cent through the year. Living standards are recovering with with pay packets now outpacing prices. Spending on essentials dominated although households also splashed out on Black Friday sales, concert and sporting tickets. But consumers remained cautious, saving some of that improved income. Private investment also rose, led by renewable and mining projects, and government spending grew while public investment lifted significantly. Treasurer Jim Chalmers said the economy was heading for a soft landing while shadow treasurer Angus Taylor said the only thing driving economic growth was "population growth and people working extra hours". Speaking before the GDP figures were released, the Reserve Bank deputy governor Andrew Hauser said the economy was making progress towards the ultimate goal of being rebalanced following the surge in inflation in 2021 and 2022. In regards to further interest rates cuts, he said the RBA has taken its foot "a little bit off the brake" but it hadn't put its "foot on the accelerator". Independent economist Nicki Hutley thinks there will be more interest rate cuts in 2025 but warned of global uncertainty. Much of which centers around Donald Trump's trade war .hich could threaten Australia's economic recovery
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