Treasurer Jim Chalmers Blames Interest Rates, Inflation for Flat Economic Growth

Critics, however, say that the recent figures reflect the Labor government policy inadequacies and failures.

Federal Treasurer Jim Chalmers before handing down the 2024-25 Budget in the House of Representatives at Parliament House in Canberra, Australia, on May 14, 2024. AAP Image/Mick Tsikas

The Australian economy remained flat in the March quarter, which Treasurer Jim Chalmers blamed on higher interest rates, persistent inflation, and global uncertainty.

The Australian Bureau of Statistics (ABS) reported that the national economy grew by only 0.1 percent. In nominal terms, gross domestic product rose 1.4 percent as terms of trade increased 0.2 percent.