This is the weakest economy outside of a recession. Here’s what the GDP figures show

The latest national accounts show the Australian economy is struggling. It’s what you would expect after the sharpest series of interest rate rises on record, and is more or less what the Reserve Bank was trying to achieve to bring down inflation.

Australia’s gross domestic product grew just 0.2% in the three months to June, after growing 0.2% in the previous three months (upgraded from an earlier estimate of 0.1%) and 0.2% the three months before that.

So low is the run of low growth that the economy grew just 1% over the year to June. That’s the lowest annual growth outside of a recession since the mid-1980s.