Warren Hogan, Chief Economist at ANZ, says Australia's underlying economy is still pretty solid, with a dramatic rebound expected later this year.
His comments came as GDP fell by 1.2 per cent, a greater amount than many economists expected.
It is the worst quarterly result since March 1991, with the hit on exports - largely a result of devastating floods - partly blamed for the slump.
The last time GDP contracted was in the December quarter of 2008, at the height of the global financial crisis.
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