Seven graphs that show Australian economic growth is “very weak”

The Australian economy came close to a standstill in the first three months of this year. March-quarter economic growth sank to just 0.1%, meaning that, when adjusted for inflation, there was hardly any more income, spending or production than the quarter before.

Treasurer Jim Chalmers said the figures “laid bare” the weakness of the Australian economy, adding:

All of these people who were advising us to cut much harder in the budget or to provide no cost of living relief to people, they have been proven to be dead wrong.

The government’s decision to spend more rather than cut further in the May budget had been proved to be “exactly right”.

Australia’s annual rate of economic growth – 1.1%