GDP per capita fell another 0.4 per cent, the sixth consecutive quarterly fall and the worst ongoing result since the 1981-82 recession.
Treasurer Jim Chalmers admitted the economy had barely grown through the quarter.
“Really soft growth reflects the impacts of global economic uncertainty, higher interest rates and persistent but moderating inflation,” he said in a statement.
“This combination of challenges is weighing heavily on households and the data shows Australians are continuing to limit their consumption and curb spending.”
The bureau’s head of national accounts, Katherine Keenan, said economic growth was at a low level.
“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,” she said.
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Final household spending suffered its biggest fall in NSW, down by 0.6 per cent, while it dropped by 0.3 per cent in the ACT and South Australia, by 0.2 per cent in Tasmania and by 0.1 per cent in Victoria.
It was up by 0.1 per cent in Queensland and the Northern Territory and by 0.4 per cent in Western Australia.
Total domestic economic activity in NSW fell by 0.4 per cent, the biggest drop of any state or territory. This was partly due to a 3.8 per cent drop in public infrastructure spending through the quarter.
Public spending in Victoria increased by 5.4 per cent, with the state’s domestic economy expanding by 0.6 per cent.
Shadow treasurer Angus Taylor blamed the government for Australia’s weak GDP growth, accusing it of failing to fight inflation. “What today’s data confirms is the economy is only being propped up by immigration and government spending,” Taylor said in a statement. “That is not responsible economic management,” pointing to inflation that he said was higher than comparable nations.
“Australia is facing two economic fights right now – persistent inflation and a weak economy with an entrenched household recession,” he said.
More to come.
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