Economy slows as subdued consumers and real estate investors hold back. Income recession we had to have?

The Australian economy grew at its slowest pace in more than 18 months, rising just 0.2 per cent in the December quarter and 2.3 per cent over the year. 

The ABS says household spending is subdued with dwelling investment falling by 3.4 per cent. 

ABC's Peter Ryan says although the Reserve Bank says rates are on hold, some market economists believe there will be two rate cuts this year as the jobless rate rises.