Australian economy growing at slowest rate since 1992, outside of lockdowns

Australia's economy had another quarter of weak economic growth, and has registered the weakest annual growth in decades outside the pandemic as household consumption and discretionary spending went backwards.

New data from the Australian Bureau of Statistics show GDP rose by 0.2 per cent for the June quarter, while it grew by 1.0 per cent over the last financial year – the lowest annual figures since 1991-92, excluding the COVID-19 years.

"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.

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