Australian gross domestic product (GDP) rose 0.2 per cent (seasonally adjusted, chain volume measures) in the June quarter 2024 and by 1.5 per cent in the 2023-24 financial year, according to figures released by the Australian Bureau of Statistics (ABS).

Katherine Keenan, ABS head of national accounts, said: “The Australian economy grew for the eleventh consecutive quarter, although growth slowed over the 2023-24 financial year.

“Excluding the COVID-19 pandemic period, annual financial year economic growth was the lowest since 1991-92 – the year that included the gradual recovery from the 1991 recession.”

GDP per capita was down for the sixth consecutive quarter, falling 0.4 percent.