GDP growth falls to just 0.1% as household cutbacks put handbrake on Australia’s economy

Annual economic growth is down to 1.1%, lower than economists predicted, ABS GDP figures show

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Australia’s economy all but stalled in the March quarter as households’ rising debt costs curbed spending, countering extra outlays from governments.

The country’s gross domestic product rose 0.1% in the first three months of 2024, the Australian Bureau of Statistics said on Wednesday. On an annual basis, the economy grew 1.1%.

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