Democracy is an illusion! It’s become a political system fostered by the élite, for the élite, in order to fool the people that they have a stake in the system. In actual fact, they have virtually none. The whole political system in the modern era, despite having noble beginnings, is now used to benefit the few at the expense of the many. – Mark Alexander, June 29, 2018
Wednesday, 6 September 2023
Australia: Economy Slows Again as Consumers Spend Less | The Business | ABC News
Sep 6, 2023 | Australia's economy has contracted again. Minus immigration, the country's GDP is showing a per person recession for the average Australian. Consumers are saving and spending less as higher interest rates and prices see consumers pull back. Spending on discretionary items continues to fall. The release of the economic data comes a day after the Reserve Bank left the cash rate unchanged at 4.1 per cent for a third consecutive month. But 12 interest rate rises between May last year and June this year is squeezing many households. Economists expect the RBA will now stay on hold, and there may even be rate cuts by next year.
