The Loop: Australia's economy continues to grow, Nick Kyrgios out of the US Open, and a controversial beer gets a new name
Hi there. It's Wednesday, September 7 and you're reading The Loop, a quick wrap-up of today's news.
The ABS dropped the latest bunch of economic data, which showed Australia's economy grew by 0.9 per cent during April, May and June, and 3.6 per cent in the last year.
It's the third consecutive quarter of economic growth for Australia, which last recorded a contraction in the September 2021 quarter after the Delta outbreak.
ANZ senior economist Felicity Emmett said Australia's likely going to avoid a recession, "given how strong a position households and businesses are [in] going into this rate hike cycle".
But Treasurer Jim Chalmers said while the figures were "solid" they didn't "tell the full story about our economy", and pointed out that it's been more than two months since the data was recorded.
"Some of the pressures on [Australians] and on our supply chains have grown and that's been a consequence of rising interest rates, a deteriorating global situation and of course high and rising inflation," he said.
Want to know more? Business reporters Michael Janda and Rachel Puppazoni have you covered.
Two 14-year-old girls, a 15-year-old girl and two boys aged 15 and 16 died in a horror car crash south of Sydney overnight, with the 18-year-old male driver the only survivor.
Here's what we know about the tragedy:
The Colonial Brewing Co in Western Australia has rebranded to CBCo Brewing, after consulting with employees, stakeholders and customers.
The company announced in June 2020 it was considering changing its name in response to the Black Lives Matter movement and an international push to remove monuments recognising colonial figures.
CBCo Brewing says the decision will "better reflect modern tastes and connect with who we are as a business", but the beer itself will remain the same.
We'll be back to do it all again tomorrow.
We acknowledge Aboriginal and Torres Strait Islander peoples as the First Australians and Traditional Custodians of the lands where we live, learn, and work.
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AEST = Australian Eastern Standard Time which is 10 hours ahead of GMT (Greenwich Mean Time)
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