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Empower Wealth Blog post by Empower Wealth

RBA June 2024 | Australia Faces Slowest GDP Growth in Decades

In this video covering the fourth RBA Cash Rate Announcement of 2024, our hosts Ben Kingsley and Evan Lucas comment on the RBA’s decision, as well as explore the latest economic updates from Australia and around the world. 

Delve into the numbers and explore key topics such as inflation, interest rates, consumer confidence, business conditions, and GDP growth, all of which tell us a story about the current economic conditions and challenges faced by households, businesses, and investors. 

Some highlights from this episode: 

  • Australia sees slowest GDP growth since early 1990s recession 

Australia’s economic growth has hit a significant slowdown, with GDP growth at its lowest since the recession in the early 1990s. Despite this, population growth is helping to offset some of the economic challenges, keeping the country from a technical recession. The Reserve Bank of Australia is also showing signs of impatience as inflation remains above expectations. 

  • Tight employment market and declining household savings 

The employment market in Australia is notably tight, with strong demand for workers and a record high in multiple job holders. This tight job market reflects underlying economic resilience, but declining household savings amidst rising consumption could signal economic stress. 

  • Comparing land tax and rental yields across different states 

Property finance in Australia has seen an increase in new loan commitments, especially for owner-occupier housing and investment properties. Ben’s analysis of land tax and rental yields across different states provides insights into potential impacts on the property market. These factors are crucial for investors and policymakers in understanding broader economic implications. 

Tune in for invaluable insights from both Ben and Evan! We also recommend listening on YouTube so you can easily follow along with all the graphs, charts and data referenced.  

Time Stamps

World Economic Update Segment


01:18 – Inflation
03:21 – Cash Rate/Interest Rates
06:15 – Unemployment
08:32 – Consumer Confidence & Sentiment
09:35 – Business Confidence
10:16 – US Key Takeaways


12:10 – China Key Takeaways


13:33 – Inflation
15:16 – Cash Rate/Interest Rates
18:04 – Consumer Confidence & Sentiment
21:05 – Business Confidence
21:55 – Eurozone Key Takeaways

Australian Economic Update Segment

22:13 – GDP 
25:17 – Household Savings 
27:58 – GDP per Capita
29:29 – Immigration Story
32:00 – Inflation 
39:34 – RBA’s Interest Rate Decision 
41:50 – Unemployment 
43:20 – Employment & Hours Worked 
47:31 – Multiple Job Holders 
49:27 – Retail Sales 
51:15 – Business Confidence 

Australian Property Market Update

53:28 – Housing Finance
56:09 – CoreLogic Hedonic Home Values Index
56:56 – Analysis of Land Tax & Rental Yield Per State (updated table here)

01:03:59 – Summary

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