SHADOW federal treasurer Joe Hockey says the latest national accounts show the cost Australia is paying for the government's economic and fiscal mismanagement.
While the report shows real gross domestic product (GDP) grew by 0.5 per cent in the December quarter for an annual rate of 3.1 per cent, nominal GDP - which takes out the impact of price pressures - grew just 0.5 per cent in the quarter and two per cent annually.
Treasurer Wayne Swan says this undershooting by nominal growth is probably as a result of sustained high Australian dollar and relatively high terms of trade.
But Mr Hockey says it's a clear symptom of company profitability remaining in decline.
He says it makes the government's projection of four per cent nominal GDP in 2012/13 very unlikely, and keeps pressure on the budget.
"The government cannot blame the decline in the terms of trade," Mr Hockey said in a statement on Wednesday.
He said the terms of trade enjoyed by Labor remained far more favourable than experienced by the coalition.
"This government's reckless spending has placed the nation's budget in a precarious position," Mr Hockey said.
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