The Q3 national accounts for Australia were another shocker, with the economy growing by only 0.3% over the quarter and by 0.8% over the year.
This meant Australia’s per capita recession extended to a record seven consecutive quarters after falling by 0.3% in Q3.
Australia’s real per capita GDP has now declined by 2.1% since the Albanese government came to office in Q2 2022.
Australia’s labour productivity fell by 0.8% in Q3, but was 0.3% higher year-on-year.
The following chart shows the trend decline in Australia’s per capita GDP and productivity growth over the past 20 years, which coincides with the boom in immigration.
Finally, the household sector drove the decline in per capita GDP, as evidenced by the 2.0% fall in real per capita household consumption over the year.
There is no sugar coating this release. It is a shocker that will place more pressure on the Albanese government leading into next year’s federal election.
The only thing stopping a full-blown technical recession is the federal government’s mass immigration program alongside record public spending.
However, the per capita recession has extended for a record seventh consecutive quarter, smashing Australian households and collapsing living standards.
