Australia Treasury Secretary Kennedy: Economy may have already gone into a weak period of growth

Market news

30 May 2023

Australia Treasury Secretary Kennedy: Economy may have already gone into a weak period of growth

“Australian economy may have already gone into a weak period of growth,” says Australian Treasury Secretary Steven Kennedy as he appears in the parliament before the Senate Estimates Committee on early Tuesday.

The policymaker further added that there are no signs of a wage-price spiral, suggesting further upside in the nominal wage growth.

AUD/USD seesaws

The news initially weighed on the AUD/USD price and dragged it towards refreshing the intraday low to 0.6527 before the latest fall in the yields favored the Aussie pair buyers as Tokyo opens for Tuesday.

Also read: AUD/USD grinds near mid-0.6500s amid cautious markets, US debt limit deal in focus

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