Australia’s new Treasurer Jim Chalmers has pulled no punches in addressing today’s GDP figures, saying there was “no point in mincing words”.
“Consumption, dwelling investment, new business investment, export and the nominal GDP were all weaker in the March quarter than what was anticipated by our predecessors in the budget,” he said.
“These are glimpses at the mess the former government have left behind for us to clean up.”
Australia’s GDP grew by 0.8 per cent in the March quarter, exceeding market expectations but falling well short of the 3.4 per cent growth recorded in the previous quarter.
“There is no point mincing words about the sorts of conditions that we have inherited,” Chalmers said.
“We have inherited higher and rising inflation and interest rates, falling real wages and $1 trillion of debt, with nowhere near enough to show for it.”