Australia Records Lowest GDP Growth Numbers Since the 1990s

Household saving ratio hit its lowest in years while government spending was up.

Australian Treasurer Jim Chalmers speaks to the media during a press conference at Parliament House in Canberra, Australia on Sept. 4, 2024. AAP Image/Lukas Coch

Australia’s annual economic growth reached its lowest figures since the 1991-92 financial year, according to the latest figures.

The last quarterly update revealed GDP had grown just 0.2 percent as of June 2024, and 1.5 percent throughout the 2023-24 financial year.