Australia’s economy had another quarter of weak economic growth, and has registered the weakest annual growth in decades outside the pandemic.
New data from the Australian Bureau of Statistics show GDP rose by 0.2 per cent for the June quarter, while it grew by 1.5 per cent over the last financial year.
“The Australian economy grew for the eleventh consecutive quarter, although growth slowed over the 2023-24 financial year,” ABS head of national accounts Katherine Keenan said.
“Excluding the COVID-19 pandemic period, annual financial year economic growth was the lowest since 1991-92 – the year that included the gradual recovery from the 1991 recession.”
Economists had been expecting quarterly growth of between 0.1 and 0.4 per cent.
