Yesterday I went through the latest GDP outturn, and underscored the per-capita recession which is now in play across Australia.
Others see the same, with CBA’s economics team tipping that Australia would plunge deeper into a per capita recession as aggregate GDP growth falls below 1% while population growth remains above 2%:
They said that “Real GDP per capita declined by 0.3% in the quarter, following the same decline in Q1 23. Real GDP per capita is 0.6% below its peak in Q4 22 and 0.3% lower over the year”.
“Population growth has been much stronger than anticipated by policymakers. Working-age population has increased by 2.8%/yrin July. The increase in population is supporting overall GDP, but the economy is contracting on a per capita basis”.
http://www.martinnorth.com/
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