on air now

The Australian economy growing at a slow pace

The Australian economy has grown by just 0.4 per cent, falling short of expectations.

The Australian Bureau of Statistics has reported an annual GDP growth of 1.7 per cent which is lower than Reserve Bank forecasts.

Economists had been expecting a rise of 0.6 per cent in the quarter.

Treasurer Josh Frydenberg tells Ross Greenwood international conditions have affected economic growth.

“These numbers today show the remarkable resilience of the Australian economy.

“While other major nations have all experienced negative economic growth this year the Australian economy continues to grow.

“There’s obviously more to do but at least we continue to grow.”

Click PLAY below to hear the full interview


Image: Getty/Parinda Yatha/EyeEm