Australia’s economy is failing on all cylinders

Thursday 5 December 2024

On Wednesday, the Australian Bureau of Statistics (ABS) released the Q3 national accounts, revealing that real per capita GDP has fallen for seven consecutive quarters.

While aggregate real GDP rose by a soft 0.3% in Q3, per capita GDP shrank by 0.3% and has fallen by 2.2% since the Albanese government came to office in Q2 2022.

Australia’s 0.8% annual real GDP growth is in the bottom half of the OECD league tables, trailing the median increase of 1.1%.

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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.