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Australian economy has grown at its slowest pace since global financial crisis

The Australian economy has grown at its slowest pace about 10 years.

New figures show the economy expanded by 1.4 per cent in the 12 months to June. The growth was mainly driven by exports, as consumer spending remains weak

But Treasurer Josh Frydenberg is confident the situation will get better in the months ahead.

Partner at Carbon Group Michelle Maynard told Oliver Peterson the economy is being propped up by Government spending on infrastructure as no one else is spending.

“The Government is hoping the tax cut will come into play and people will go out and spend that money and generate some activity that way.

“But it may very well be that people squirrel away that money because they don’t have confidence in the economy.”

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