While the Turnbull government will continue to enjoy bragging about the fact 400,000 jobs were created over 2017, there are some worrying signs in yesterday's national accounts data, especially for a government that has just over a year until an election.

Overall, economic growth slowed in the December quarter, down from 0.7% in the September quarter to 0.4%. Over 2017, growth was 2.3%, compared to 2.9% in the year to September. Year-on-year, per capita GDP growth was just 0.8%. This is a continuation of the tepid growth we've had since 2013, and seemingly at odds with the 400,000 jobs -- but we'll come to that in a moment.