We're in a per capita recession as Chalmers says GDP 'steady in the face of pressure'

If growth continued at that pace for another two quarters, the annual growth rate would barely reach 1.6%, an alarmingly low figure that.

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https://theconversation.com/were-in-a-per-capita-recession-as-chalmers-says-gdp-steady-in-the-face-of-pressure-212642https://theconversation.com/were-in-a-per-capita-recession-as-chalmers-says-gdp-steady-in-the-face-of-pressure-212642
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Wednesday, September 6, 2023
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Tags: 
Australian Bureau of Statistics, Face, Speech, Bureau, Statistics, Reserve Bank of India, Pain, Gross domestic product, GDP, Population, Reserve Bank, Mining, Income, Growth, News, Population growth, Film industry, Bank, Tourism, Real estate, Property insurance
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AUSTRALIA
Summary
Key Points: 
  • If growth continued at that pace for another two quarters, the annual growth rate would barely reach 1.6%, an alarmingly low figure that.
  • The driving force behind this tepid growth is primarily weak household consumption which grew by only 0.1% in the quarter – far less than Australia’s population.
  • Households, grappling with the increased cost of essential expenses such as fuel and rent, have resorted to cutting down on savings.
  • In the three months to June Australia’s household saving ratio plummeted to 3.2%, its lowest rate in 15 years.
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