Australia's economy looks like it came close to stalling last quarter as tr...
SYDNEY - Australia’s economy looks like it came close to stalling last quarter as trade shaved more from growth than expected, though strength in government spending may just have been enough to underpin overall output.
The news comes as the Reserve Bank of Australia holds its March policy meeting amid rising speculation it might have to bite the bullet and cut interest rates in coming months. A saving grace came from government spending which added a bit more than 0.3 percentage points to GDP in the quarter. Such largesse would be well timed given analysts suspect the economy expanded by a sub-par 0.4 percent in the December quarter, with risks on the downside.
The RBA has already dropped an implicit tightening bias and warned that a further significant fall in home prices could undermine household wealth and spending.
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