The result suggests the economy will grow much slower than anticipated in Treasurer Josh Frydenberg's April budget.Credit:AAP
For the first time since the 1982 recession,per capita GDP - economic growth per person - fell for the third consecutive quarter. The overall growth rate has halved since the June quarter of 2018.
The annual result suggests the economy will grow much slower than anticipated in Treasurer Josh Frydenberg's April budget,which forecast growth of 2.25 per cent through 2018-19.
Growth was held up by the government sector which added 0.2 percentage points to the overall figures while net exports added a similar level.
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However,the hit facing consumers was evident with household consumption slowing to 0.3 per cent for the quarter and edging down to 1.8 per cent over the past year on the back of falling house prices and low wage growth.
Dwelling investment has slumped,dropping by 3.1 per cent throughout the year to March after reaching record levels in September last year.
The household saving also increased in a sign consumers are winding back their expenditure plans.