Australia’s economy has slowed to its most sluggish pace since 2009, when the GFC slammed the brakes on GDP growth.
In seasonally adjusted terms, GDP expanded by 0.5 per cent over the June quarter, or 1.4 per cent for the year — equal to the worst annual growth recorded in the aftermath of the global financial crisis in the September quarter of 2009.
You have to go back to the period after the GST was introduced in the year 2000 to find a worse result.
It is fourth consecutive sluggish GDP outcome, dragged down in particular by weak spending growth in the household sector.
More to come.