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Australian Economy Slows as Interest Rate Hikes Begin to Bite
Australia’s economy expanded at a slower-than-expected pace in the final three months of 2022, in a sign the Reserve Bank’s rapid interest-rate increases are beginning to weigh on activity. Gross domestic product advanced 0.5% from three months prior, coming in below economists’ estimates for a 0.8% gain, Australian Bureau of Statistics data showed Wednesday. From a year earlier, the economy grew 2.7%, slowing from 5.9% but matching economists’ forecasts. The result came together with separate data showing monthly inflation eased in January to 7.4%, well below estimates for 8.1%, sending the currency and ... (full story)