Yesterday Australia’s economy got its quarterly checkup, and the results are in.

Gross Domestic Product performance, or GDP, grew by 1.5% over a year. But what does that actually mean, and how does GDP growth affect our lives? Is this an economy at panic stations, or is there no real cause for concern?

Motley Fool’s chief investment officer Scott Phillips joins Bension Siebert on this episode of The Briefing to unpack the jargon and clear the mist on what these latest figures reveal about the state of the Australian economy.

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