Australian Treasurer Chalmers: Rising interest rates are clearly impacting economic growth
|Following the release of the Australian first quarter Gross Domestic Product (GDP) data on Wednesday, the country’s Treasurer Jim Chalmers said that “rising interest rates are clearly impacting the economic growth,”
“Growth momentum is waning,” he added.
At a press conference on Tuesday, Chalmers said that it is “not our expectation the economy will head into recession.”
Market reaction
At the time of writing, AUD/USD is holding RBA Governor Lowe-backed upside near 0.6670, almost unchanged on the day.
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