The Australian economy has registered its slowest pace of growth since the global economic crisis of 2009, when the collapse of the US mortgage market rocked the world.
The economic statistics issued during the economic quarter ending last June showed that the gross domestic product grew by 0.5% during this period, which reduced the total growth during the past fiscal year to 1.4%, the same rate of growth recorded by Australia in the September quarter of 2009 Australia's young economy has not recorded a result lower than this since 2000, immediately after the sales tax was imposed.
The weak spending growth was the main reason for the decline in the economy for the fourth consecutive quarter. The family’s spending recorded a slight growth of only 0.4%, and the economist Radwan Hamdan attributes this decline to “a consumer confidence crisis caused by the decline in real estate prices and stagnation in salaries. "
Hamdan said that the revealed growth rates are really bad, especially since they are far from the growth rate that the government expected during the approval of the federal budget, which reached 2.5%.
Sydney gasoline prices, liters
Sydney - Gasoline Prices: We offer the following prices for you starting from 06 Month 01 of 2020. To the 13th of April 04, 2020. The average price for this period reached 1.36 (Australian dollar), where the lowest price was 1.12 (Australian dollar), on the 13th day of the year 04 of the year 2020AD. And the highest is 1.52 (Australian dollar) on the 20th of 01 January 2020. By comparison, the average price of gasoline in this period globally reached 2.05 Australian dollars.
AUD / USD rally appears to have encountered strong resistance at 0.6450 today, Wednesday, levels close to the 55-day SMA.
After making gains for seven days in a row, the sharp recovery of the AUD / USD appears to have diminished on Wednesday on the back of some interest in renewed buying around the Dollar.
The Australian dollar has received a positive boost recently thanks to the news that China was able to resume economic activity after the close of Covid-19.
However, the pair's recent upward trend is expected to be tested in light of the more flexible monetary policy stance of the RBA, weak prices in the commodity world and the prospects for a global recession.