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The Australian Economy in 2019–20: Slower Growth, Record Low Interest Rates and a Changing Housing Landscape

Economic activity in Australia slowed considerably in 2018–19, with domestic demand growth halving and unemployment rising. Consistent with the slowdown, both consumer and wage inflation have remained weak. A synchronised growth slow‐down was observed across major economies, to some extent underpinned by the on‐going US–China trade war. Central banks have responded to weak growth by cutting rates. The US Federal Reserve cut its target for the federal funds rate three times in 2019, as did Australia. To date, record low Australian interest rates have been associated with additional housing‐related debt and asset price appreciation.