Australia’s economy was already slowing in the first three months of the year as the early economic fallout from the Middle East war and interest rate increases hit, and economists now warn a housing downturn risks dragging growth even lower.
Treasurer Jim Chalmers hailed a boom in data centre investment which drove business investment to almost a decade high. However, economists said data centre investment was responsible for all of the economic growth in the quarter and broader business investment remained mediocre.
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