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Australia has reported its slowest annual economic growth excluding the COVID-19 pandemic period in over 30 years.
Official figures released by the Australian Bureau of Statistics (ABS) on Wednesday revealed that Australia’s gross domestic product (GDP) grew by 1.5 percent in the 2023-24 financial year spanning from July 1, 2023, through June 30, 2024 – down from 3.1 percent in 2022-23.
According to the ABS, it marks Australia’s slowest rate of economic growth in a financial year excluding the COVID-19 pandemic period since 1991-92 when growth was 0.4 percent following the 1991 recession.
On a quarterly basis, the economy grew by 0.2 percent in the three months between the start of April and the end of June – matching the growth in the final three months of 2023 and the first three months of 2024. Australia’s economy has grown for 11 consecutive quarters.
“The national accounts confirm the economy barely grew last quarter, reflecting global uncertainty, higher rates and persistent inflation,’ Treasurer Jim Chalmers said in a statement posted on social media in response to the data.’ It shows the pressures people are under and justifies our plan to fight inflation without smashing the economy and help people doing it tough.
‘ The ABS said household spending was 0.2 percent lower in the June quarter than in the previous three months, detracting 0.1 percentage points from GDP growth, while government spending was up 1.4 percent. Services exports rose by 5.6 percent in the June quarter following falls in the previous two quarters.
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