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GDP ressession "Wake up call"

Treasurer Scott Morrison is using the release of data showing the economy shrank in the September quarter to demand support for the Government's economic plans.

Australia's shadow Treasurer Chris Bowen
Shadow treasurer Chris Bowen says the latest economic growth figures are deeply disappointing. (AAP) Source: AAP

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Treasurer Scott Morrison is using the release of data showing the economy shrank in the September quarter to demand support for the Government's economic plans.

The annual rate of growth has come in at 1.8 per cent, with the economy shrinking by half a per cent (0.5 per cent) in the September quarter.

It is the first contraction in growth since March 2011 and the economy's worst performance since the 2008-2009 global financial crisis.

Mr Morrison says the figures are not just a wake-up call about being complacent but a demand to support economic policies that drive the investment needed to support job security.

Morrison: "This is the ticket to the next 25 years of growth, but we cannot achieve that if we cannot get the partners in this parliament that will engage with us in the national interest, that won't be engaging in party political games, that won't be engaging in negative politics and wrecking and destroying but will be engaging to lift the burden on business so they can invest and employ more people."


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