Weekly economic update

Fortnightly Economic Update - 16 September 2022

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  • Economic activity rebounded 1.7% in the June quarter as COVID restrictions eased and international travel resumed
  • The current account deficit widened to 7.7% of GDP as imports remained solid and commodity prices rose
  • Rising food and rental inflation and falling housing wealth continue to squeeze household spending
  • Global central banks raise rates at pace even as activity weakens