Tas economy contracts

June 8, 2023 4:13 am in by

Tasmania’s economy contracted for the March quarter, the second worst result in the nation in the latest ABS figures.

It dipped 0.2%, while Australia’s economy expanded by a fairly weak 0.2%.

Federal Treasurer Jim Chalmers expected consumers to be tightening their belts.

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“They are saving less and they are paying more in interest, household consumption eased for the third quarter in a row, it grew by just 0.2% in the quarter and that’s because households pulled back on discretionary spending.”