The National Accounts confirm that growth has slowed in the September quarter, slowed since the election and almost halved since Josh Frydenberg became Treasurer.
Economic growth is still too weak and too narrow, and too many indicators are going in the wrong direction.
After the release of last quarter’s figures Morrison claimed that the economy “would improve in the next quarter”, but quarterly growth has actually slowed.
These growth figures are well below average, well below forecasts and well below what is needed to get wages growing again.
Today’s data shows that on the Liberals’ watch:
This set of numbers is humiliating for Scott Morrison and Josh Frydenberg.
Weak growth like this is the inevitable consequence of a Government with a political strategy but not an economic plan.
The Morrison Government has ignored repeated calls for responsible, proportionate and measured stimulus to support the economy from the Reserve Bank, the business community, economists, experts and Labor.
It’s well passed time for Josh Frydenberg and Scott Morrison to develop a comprehensive plan to support the floundering economy, boost wages and lift productivity.