Oil prices may be falling, but rising interest rates, weak consumer and business confidence, stalling housing investment and a prolonged cost-of-living crisis have cut Australia's growth prospects, says Deloitte Access Economics. Amid the gloom, Deloitte slashes its forecast for real economic growth in Australia for 2026-27 from 1.9% to 1.3%. The economy is now expected to limp along at less than 2.0% annual growth for the next two years, including a growth of just 1.1% over the year to December 2026, the longest stretch of sub-2% growth since the early 1990s recession. (james.glynn@wsj.com; X @JamesGlynnWSJ)
Dow Jones Newswires
Australia's Economic Pulse Is Harder to Detect — Market Talk
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Oil prices may be falling, but rising interest rates, weak consumer and business confidence, stalling housing investment and a prolonged cost-of-living crisis have cut Australia's growth prospects, says Deloitte Access Economics. Amid the gloom, Deloitte slashes its forecast for real economic growt…