High interest rates are impacting household expenditures, causing the Australian economy to almost stagnate.

In the first three months of this year, the Australian economy was almost at a standstill.

Zhitong Finance00:40 ET

Australian Economy Starts 2024 With a Whimper -- Market Talk

The Aussie economy hasn't gotten off to a great start this year, Moody's Analytics says.

WSJ23:10 ET

Former US Treasury Secretary Summers: Interest rates will remain high in the long term, with a neutral interest rate of 4.5%, and inflation won't return to 2%.

Despite the decline in inflation and economic slowdown, the Federal Reserve continues to maintain the highest interest rates in decades. Former US Treasury Secretary Lawrence Summers believes that the era of low interest rates is gone and long-term interest rates will continue to rise, with neutral interest rates far higher than the Fed's expectations. On Tuesday local time, Summers said in a New York Economic Club online seminar: In the foreseeable future, the market should be accustomed to the current range of interest rates and even the long-term interest rates that are higher than the current level. He also believes that inflation has not gone on a convincing trajectory and is difficult to achieve in the United States.

wallstreetcn21:46 ET

Australia's Economy Barely Registers Pulse in First Quarter

Growth in Australia's commodity-rich economy barely registered a pulse in the first quarter, as the impact of high interest rates and climbing costs due to nagging inflation pressures slowed activity to a crawl.

WSJ21:33 ET

Australian GDP Expands 0.1% QoQ in Q1 Vs. 0.2% Expected

Australia’s Gross Domestic Product (GDP) grew 0.1% QoQ in the first quarter of 2024 compared with the 0.2% growth in Q4 of 2023, the Australian Bureau of Statistics (ABS) showed on Wednesday. This reading came in below expectations of 0.2%.

FXStreet21:31 ET

Australia's Service Sector Expands Further in May

An acceleration in new export business growth drove the further expansion of Australia's service sector in May.

MT Newswires21:24 ET