Australia’s consumer recession projected to deepen

Friday 5 July 2024

Australians are currently enduring their deepest recession since the early 1990s outside of the pandemic lockdowns.

Australia’s real per capita GDP declined by 1.3% over the five quarters to March 2024, tracking at its lowest level since late-2024.

This decline in Australia’s per capita GDP has been driven by household consumption, which has experienced its sharpest decline in more than 60 years of records, down 7.6% from its mid-2022 peak:

Real per capita household disposable incomes

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.