‘The Australian economy is on its knees’: GDP drops to recession levels

Australian gross domestic product rose just 0.1% in the March quarter, and is up 1.1% since the same period last year.

This marks the slowest rate of annual economic growth, outside of the 2007–2008 global financial crisis, since the recession in the early 1990s.

Government spending rose 1%, driven by housing benefits, energy bill relief, and medical services. Household spending rose 0.4%, driven by essentials like electricity and rent, while private investment fell by 0.8% – with a 4.3% fall in non-housing investment.