Is Australian economy slowing down?

Australia has recorded its lowest level of annual economic growth in a decade. Despite the low figures, the federal government is insisting the economy is strong.

New data from the Australian Bureau of Statistics show the economy grew by 0.5 percent in the June quarter, in seasonally adjusted terms.

 

GDP (Gross Domestic Product) was up by just 1.4 percent over the 12 months to June - down from 1.8 percent in March.

 

That makes it the slowest annual growth recorded since 2009 when the world economy was in the grips of the global financial crisis.

 

But Treasurer Josh Frydenberg instead points to another aspect of the figures.