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'One-in-four chance of recession' after worst result in 10 years

2 12 0
05.06.2019

The Morrison government is pinning its hopes on passing $158 billion in income tax cuts and accelerating community infrastructure to stimulate an economy that has recorded one of its worst results in a decade.

The economy grew by 1.8 per cent over the past year, its weakest performance since September 2009 and the poorest result since the global financial crisis. That data was released less than 24 hours after the Reserve Bank cut interest rates to an all time low and urged the government to spend more to push up economic growth.

For the first time since the 1982 recession, per capita GDP - economic growth per person - fell for the third consecutive quarter. The overall quarterly economic growth rate has halved since the June quarter of 2018.

Treasurer Josh Frydenberg on Wednesday. Credit: Alex Ellinghausen

Treasurer Josh Frydenberg said “where projects can begin, we will begin” and put pressure on state governments to deliver infrastructure approvals to ramp up jobs and investment growth.

Mr Frydenberg said accelerating the construction of new commuter car parks around suburban........

© The Age