Australian Treasurer Chalmers: Rising interest rates are clearing impacting economic growth

Following the release of the Australian first quarter Gross Domestic Product (GDP) data on Wednesday, the country’s Treasurer Jim Chalmers said that “rising interest rates are clearing impacting the economic growth,”

“Growth momentum is waning,” he added.

At a press conference on Tuesday, Chalmers said that it is “not our expectation the economy will head into recession.”