Australia’s economy grows by 2.1%, but people’s living standards aren’t keeping pace

Grant Faint/Getty Images Australia’s economy expanded by 0.4% in the June quarter, with spending growth driven by record sales of imported electric vehicles. For the year to June, gross domestic product (GDP) grew by 2.1%, according to the Australian Bureau of Statistics, slightly stronger than market expectations. The bureau noted overall growth remained subdued, with spending growth and business investment only in “pockets” of the economy. But a significant proportion of this demand was met…