Australia economy gets a boost from visitors, infrastructure splurge
Australia's export volumes increased in the second quarter due to a surge in foreign visitors, offsetting weak household consumption and providing a boost to economic growth.
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Posted 9/5/2023, 3:37:32 AM
reuters.com
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Australia's record pace of immigration is outpacing labor demand, leading to a rise in unemployment and lower wage growth.
Australia's economy grew more than expected in the second quarter, driven by exports and investment, while household consumption remained weak due to high interest rates; however, productivity and rising labor costs remain concerns for the Reserve Bank of Australia.