Slumping Iron Ore Prices Hit Australian Economy

The transcript discusses the disappointing economic performance in Australia, with GDP growth falling short of expectations and the dollar hitting a four-year low. Domestic challenges include declining iron ore shipments, soft spending, and rising unemployment. The Reserve Bank of Australia may consider easing monetary policy. The budget situation is worsening, with significant savings measures stalled and a widening deficit. Joe Hockey's absence from media discussions is noted.

What was the expected GDP growth for the third quarter?

What factors contributed to the decline in economic performance mentioned in the text?

What is the current situation regarding unemployment as discussed in the text?

What was the outcome of the proposed university fee reform?

How much is the deficit expected to widen according to the midyear economic update?