Australian Politics Forum - Lowest economic growth for decades.

Captain Nemo

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Lowest economic growth for decades.
Jun 5^th, 2024 at 12:18pm

CBA's economists say, outside the pandemic, the 1.1% annual growth figure is the weakest Australia has seen since 1991, when we endured "the recession we had to have".

Even that weak number is being propped up by record population growth.

On a per capita basis the economy contracted for the fifth consecutive quarter and economic output is now 1.3% smaller per person than it was a year ago.

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The 2025 election could be a shocker.

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Laugh till you cry

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Re: Lowest economic growth for decades.
Reply #1 - Jun 5^th, 2024 at 12:50pm

Captain Nemo wrote on Jun 5^th, 2024 at 12:18pm:

CBA's economists say, outside the pandemic, the 1.1% annual growth figure is the weakest Australia has seen since 1991, when we endured "the recession we had to have".

Even that weak number is being propped up by record population growth.

On a per capita basis the economy contracted for the fifth consecutive quarter and economic output is now 1.3% smaller per person than it was a year ago.

At purchasing price parity it is even worse.

If the contribution from mining and their workers were factored out it would be even worse.

Australia is a high-cost country that is getting worse by the day.

It's astonishing that Singapore has a GDP per capita at PPP double that of Australia.

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Please don't thank me. Effusive fawning and obeisance of disciples, mendicants, and foot-kissers embarrass me.

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Sprintcyclist

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Re: Lowest economic growth for decades.
Reply #2 - Jun 5^th, 2024 at 2:59pm

Laugh till you cry wrote on Jun 5^th, 2024 at 12:50pm:

Captain Nemo wrote on Jun 5^th, 2024 at 12:18pm:

CBA's economists say, outside the pandemic, the 1.1% annual growth figure is the weakest Australia has seen since 1991, when we endured "the recession we had to have".

Even that weak number is being propped up by record population growth.

On a per capita basis the economy contracted for the fifth consecutive quarter and economic output is now 1.3% smaller per person than it was a year ago.

At purchasing price parity it is even worse.

If the contribution from mining and their workers were factored out it would be even worse.

Australia is a high-cost country that is getting worse by the day.

It's astonishing that Singapore has a GDP per capita at PPP double that of Australia.

Due to new taxes on the mining sector the increases in that sector may well be curtailed.
ie, companies will not invest as freely here as they did 15 years ago

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Modern Classic Right Wing

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Grappler Truth Teller Feller Gold Member Online Australian Politics Posts: 83299 Proud pre-1850's NO Voter Gender:	Re: Lowest economic growth for decades. Reply #3 - Jun 5^th, 2024 at 7:45pm Don't worry - the overpaid sheila from the 'reverse bank' will save us all...
Back to top	“Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passion, they cannot alter the state of facts and evidence.” ― John Adams IP Logged

Captain Nemo Gold Member Offline Australian Politics Posts: 9672 Melbourne Gender:	Re: Lowest economic growth for decades. Reply #4 - Jun 6^th, 2024 at 10:47am
Back to top	The 2025 election could be a shocker. IP Logged

thegreatdivide

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Re: Lowest economic growth for decades.
Reply #5 - Jun 6^th, 2024 at 12:54pm

Sprintcyclist wrote on Jun 5^th, 2024 at 2:59pm:

Laugh till you cry wrote on Jun 5^th, 2024 at 12:50pm:

Captain Nemo wrote on Jun 5^th, 2024 at 12:18pm:

CBA's economists say, outside the pandemic, the 1.1% annual growth figure is the weakest Australia has seen since 1991, when we endured "the recession we had to have".

Even that weak number is being propped up by record population growth.

On a per capita basis the economy contracted for the fifth consecutive quarter and economic output is now 1.3% smaller per person than it was a year ago.

At purchasing price parity it is even worse.

If the contribution from mining and their workers were factored out it would be even worse.

Australia is a high-cost country that is getting worse by the day.

It's astonishing that Singapore has a GDP per capita at PPP double that of Australia.

Due to new taxes on the mining sector the increases in that sector may well be curtailed.
ie, companies will not invest as freely here as they did 15 years ago

Rio and BHP are investing and selling as much as ever, flogging ores to China, it's the only income keeping Oz afloat; meanwhile Oz gas is being flogged overseas with almost zero benefit in the form of resource taxes in Oz cf with Qatar exporting the same quantity of gas, and raising $20 billion in taxes.

Meanwhile all around the world it's the same story: a cost of living crisis, combined with high unemployment in many countries, while the wealthy are laughing all the way to the bank.

It' unsustainable, and governments will be forced to act.

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