Treasurer Jim Chalmers Blames Interest Rates, Inflation for Flat Economic Growth

The Australian economy remained flat in the March quarter, which Treasurer Jim Chalmers blamed on higher interest rates, persistent inflation, and global uncertainty. The Australian Bureau of Statistics (ABS) reported that the national economy grew by only 0.1 percent. In nominal terms, gross domestic product rose 1.4 percent as terms of trade increased 0.2 percent. Meanwhile, the household saving-to-income ratio declined to 0.9 percent from 1.6 percent. “Many economies around the world are feeling the impact of higher interest rates and high but moderating inflation,” Mr. Chalmers said. However, the treasurer also said the Albanese government was on the right track to boost economic growth, especially with the priorities of the recent federal budget....