Australian living standards are falling - and if it wasn't for population growth, Australia would be in a recession. The national accounts show the economy barely grew over the three months to September 30, with economic output going backwards by half a per cent per person. Higher interest rates, soaring tax bills and inflationary pressures continue to hit incomes. The amount households are saving is now close to a 16-year low.
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Economists say there might be another rate hike in February, depending on whether inflation data for the December quarter comes in higher than expected. But they say as more evidence emerges that the economy has slowed because of higher mortgage repayments, Australians can expect the Reserve Bank to cut interest rates after June, possibly more than once.
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