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Live: ASX falls as forecaster gives 'downbeat' assessment of Australian economy
Deloitte Access Economics forecasts the longest stretch of sub-2 per cent growth since the early 1990s recession.
Nine Entertainment retains the free-to-air rights to the National Rugby League through to 2034, for $145 million annually over seven years.
WiseTech Global's Richard White will step down as chair, with an independent chair appointed, but remain on the board and with the company, sending shares surging.
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Australia faces worst growth slump in decades
Australia is facing its longest stretch of weak economic growth since the early 1990s recession, but stubborn inflation pressures are still expected to force the Reserve Bank to raise interest rates again, according to a new report by Deloitte Access Economics.
The firm slashed its outlook for the Australian economy in its latest set of quarterly forecasts on Tuesday, predicting the economy will grow by just 1.3 per cent this financial year and 1.9 per cent in 2027-28 – marking the most prolonged stretch of sub-2 per cent growth in three decades.
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The combination of high inflation, higher interest rates, weakening economic growth and softening consumer and business sentiment is starting to take its toll on the housing market.
That's according to the newly minted chief economist at property valuation and advisory firm, Herron Todd White, Cameron Kusher.
Noting the variance in the national economic performance, the weaker economic conditions over the quarter reflect weakening consumer and business confidence and the early impact of two increases in the cash rate over the quarter, Kusher says.
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