Australia has experienced the biggest dive in living standards in half a century. Subscribe: http://ab.co/1svxLVE Read more here: https://www.abc.net.au/news/2024-03-06/gdp-december-quarter-2023-meets-low-expectations/103553062
The nation’s economy grew just 0.2 per cent over the final three months of 2023, and 1.5 per cent over the year, according to the Australian Bureau of Statistics National Accounts.
If it wasn’t for population expansion, the country would be in a recession. These December quarter GDP numbers show the economy is buckling under weight of 13 debt charge rate hikes.
On a per person basis, the economy has shrunk for three consecutive quarters. For much of the past two years, the government, the RBA and Treasury have had their focus on managing high inflation.
Now, the Treasurer Jim Chalmers will have to use the upcoming federal financial plan to steer Australia away from the threat of a recession.
Economists say the Reserve lender may be forced to cut debt charge rates sooner than expected this year.
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