Australia's Economic Growth Slows

Australia's economic growth decelerated in the first quarter, missing estimates due to weakened government spending and severe weather.

This slowdown occurred even before the full impact of the Reserve Bank's interest rate increases hit.

The country is also facing a potential "slushy snow season" due to climate change and El Niño, further impacting economic sectors.

Meanwhile, the fallout from KPMG Australia's whistleblower misconduct allegations is widening, with the RBA and a major pension fund reassessing their ties, adding to economic uncertainty.