The lower-than-expected December growth report has raised concerns about the state of the economy and its resilience to global challenges.
Businesses, unions and builders have voiced their concerns about the surprisingly soft quarterly growth report.
The economy expanded by a subdued 0.5 per cent over the December quarter, down from 0.7 per cent in the quarter before and below the 0.8 per cent lift expected by economists.
Responding to Wednesday's national accounts, the Australian Council of Trade Unions said the Reserve Bank and big companies were eroding workers' savings, with the rate of saving dropping back to pre-pandemic levels.
"Between the RBA and big companies, the average Australian has had their modest savings bled dry because of interest rate rises and big business keeping prices far higher than they need to," ACTU secretary Sally McManus said.
She said there was a transfer of wealth occurring from working people to big banks and supermarkets.
"Today's figures show it's past time for the RBA to stop interest rate rises and for big business to stop price gouging."
The Business Council raised concerns about the lacklustre investment revealed in the national accounts that would leave Australia more vulnerable to global economic headwinds.
"Business investment equals jobs and opportunities but today's numbers show investment sliding backwards," Business Council chief executive Jennifer Westacott said.
"If we don't act to lift productivity by driving investment, innovation and new industries, the hip pocket gains for Australians will be short lived and they'll continue to fall behind."
Master Builders Australia chief executive officer Denita Wawn said rising inflation was weighing on construction activity.
"As inflation rises, fewer projects can be done for the same amount of capital," she said, with the subsequent lifts in interest rates also working to reduce the spending power of consumers.
"With housing affordability already a major challenge, high inflation threatens to lock a generation out of home ownership and add to housing supply and affordability challenges," Ms Wawn added.
On Thursday, the Australian Bureau of Statistics will also release building approvals data, which will indicate the appetite for new dwellings.
