The Australian economy remained weak in the three months ending in June, as consumers tightened their wallets in the face of rising borrowing costs and persistent sticky inflation. Data from the Australian Bureau of Statistics on Wednesday showed that gross domestic product (GDP) grew by 0.2% compared to the previous quarter, in line with economists' expectations. Compared to the same period last year, the economy grew by 1%, revised up from 1.3%, and was estimated to grow by 0.9%. Katherine Keenan, Head of National Accounts at the Australian Bureau of Statistics, said in a statement that excluding the period of the COVID-19 pandemic, the year-on-year economic growth rate was the lowest since the 1991-92 fiscal year, which included the gradual recovery from the recession in 1991. She added that per capita GDP has declined for the sixth consecutive quarter. The Australian dollar remained weak, as did the three-year Australian bond yields, which are sensitive to interest rates.