The brutal reality of life under Anthony Albanese as economy grows at weakest pace in more than three decades
Australia’s economy is barely growing despite record-high immigration levels.
The nation’s gross domestic product grew by just 0.8 per cent in the year to September.
This was Australia’s weakest level of economy activity since the 1991 recession outside of a pandemic.
Australia also continues to be a per capita recession where output for every Australian has been going backwards while workplace productivity is also in decline.
Treasurer Jim Chalmers blamed the cost-of-living crisis for Australia’s weak economic activity, with economist not expecting any interest rate cut soon.
‘Today’s National Accounts confirm that growth in the Australian economy continues to be positive but weak,’ he said.
‘Our economy is growing but very slowly, weighed down by interest rates, cost of living pressures and global uncertainty.’
The 0.8 per cent annual growth pace was well below Commonwealth Bank expectations of a 1.1 per cent increase and is well below the three-decade average of 3 per cent.
Australia’s economy is still barely growing despite record-high immigration levels (pictured is Sydney’s Pitt Street Mall)
The Australian Bureau of Statistics data showed GDP per capita shrank by 1.5 per cent over the year, continuing a per capita recession that began in early 2023.
Australia is not yet in a technical recession – defined as two consecutive quarters of GDP going backwards.
But the economy grew by just 0.3 per cent in the September quarter – or over a three-month period.
The historically weak economic activity has also coincided with record-high immigration levels.
