The national accounts, released on Wednesday, showed economic growth declined 0.5 per cent in the quarter, dragging the annual growth rate down to 1.8 per cent.
The figures are not just a reminder or a wake-up call about being complacent, but rather a "demand to support economic policies that drive the investment needed to support job security", Mr Morrison told reporters in Canberra.
Shadow treasurer Chris Bowen said the latest national accounts are disappointing and highlight the fact the coalition government doesn't have a plan, just a "jobs and growth" slogan.
The 0.5 per cent decline was the first since March 2011.
"It is true that quarterly figures do bounce around and we would hope and trust that next quarter's figures are much stronger after this very low base, but the fact of the matter is that this is a deeply concerning result," Mr Bowen told reporters in Sydney.
Economists are optimistic about a year-end rebound
The result was well below average forecasts of a fall of 0.2 per cent in the quarter and growth of 2.1 per cent for the year in an AAP survey of 14 economists.
The quarterly contraction was broad-based with weak private investment in new buildings, engineering and new and used dwellings weighing on growth.
The ABS said soft public investment and falling export volumes had also pushed the economy into decline.
TD Securities chief Asia-Pacific macro strategist Annette Beacher, whose GDP forecast was spot on, said the Reserve Bank will now be trying to work out whether Australia is halfway to a recession, defined as two consecutive quarters of economic contraction.
