The Australian Bureau of Statistics released the latest – Australian National Accounts: National Income, Expenditure and Product, March 2025 – today (June 4, 2025), which shows that the Australian economy grew by just 0.2 per cent in the March-quarter 2025 (down from 0.6 per cent) and by just 1.3 per cent over the 12 months. GDP per capita growth was negative -0.2 per cent as output growth was outpaced the underlying population growth. There was a major slowdown in household consumption expenditure growth and the government sector overall contracted. While the overall slowdown led to a decline in import expenditure (which adds to growth), the decline in exports was greater, which means that the external sector detracted from growth overall. The problem is that as the overall growth rate declines, it is getting to the stage where unemployment will start to rise.