Hi there. It's Wednesday, September 7 and you're reading The Loop, a quick wrap-up of today's news.
Let's start here: We're not in a recession
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.
We heard more about a devastating crash in NSW
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 teenagers were travelling in a Nissan Navara ute when it ploughed into a tree on East Parade in Buxton, near Picton shortly before 8pm last night
- The ute was registered as a four-seater but was carrying six people at the time of the crash
- Police say the driver was on his Provisional P2 licence and say they're investigating whether speed was a factor
- The driver was discharged from Liverpool Hospital after being treated for non-life-threatening injuries and has been arrested for questioning by police
- First responders at the scene described it as "horrific" and said the vehicle was almost unrecognisable
- John Van de Putte, whose daughter Lily died in the crash, said he didn't "hold any grudges against the driver because he is going to go through hell"
News alerts you might have missed
- Nick Kyrgios is out of the US Open after losing to Russian Karen Khachanov in a five-set thriller at Flushing Meadows. It's the Australian's best-ever result in the US Open, but spectator video shows he was frustrated at the loss, smashing two racquets after the match.
- A man has been shot by police and an officer executing a search warrant at an apartment has been stabbed in the face in Kangaroo Point, in Brisbane's inner south this morning. It's the third police shooting in less than three weeks, and Queensland's Ethical Standards Command has launched an investigation into the police response.
- Timor-Leste's President José Ramos-Horta says there won't be any Chinese military bases in his country, and he won't allow "any hostile power" to be stationed in the region. He says Timor-Leste has a "responsibility" to its neighbours, including Australia, Indonesia, and other South-East Asian countries.
What Australia has been searching for online
- Lea Michele. The actor received not one but four standing ovations before intermission (and finished the show having received seven in total) for her first performance as Fanny Brice in the Broadway musical Funny Girl. She stepped into the role after Beanie Feldstein exited the production in July.
- Commonwealth Bank. It's asking customers to double check their bank statements after a technical glitch caused transactions to be charged twice this week.
One more thing: Colonial Brewing changes its name
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.
You're up to date
We'll be back to do it all again tomorrow.
ABC/wires
