Worryingly, Australian economic growth decreased each quarter of 2023 so the economy has been in deceleration mode for some time now. The economy only grew 0.2% in Q4 2023, and 1.5% for 2023. Given the population has been growing faster than that, Australia has been in a per capita recession for some time now. In fact, this is the slowest rate of Australian economic growth since way back in the 1990s (excluding the pandemic and the GST introduction).
In case you’re wondering why the Aussie economy is languishing while the global economy continues to grow at a decent clip, we take a look under the hood for a guide as to what’s coming next…
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