Australia's economy plunges deeper into per person recession | The Business | ABC News

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/2024-03-0...

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 growth, the country would be in a recession. These December quarter GDP numbers show the economy is buckling under weight of 13 interest 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 budget to steer Australia away from the threat of a recession.

Economists say the Reserve Bank may be forced to cut interest rates sooner than expected this year.

Subscribe: http://ab.co/1svxLVE
Read more here:

ABC News provides around the clock coverage of news events as they break in Australia and abroad, including the latest coronavirus pandemic updates. It's news when you want it, from Australia's most trusted news organisation.

For more from ABC News, click here: https://ab.co/2kxYCZY
Watch more ABC News content ad-free on ABC iview: https://ab.co/2OB7Mk1

Go deeper on our ABC News In-depth channel: https://ab.co/2lNeBn2
Like ABC News on Facebook:   / abcnews.au  
Follow ABC News on Instagram:   / abcnews_au  
Follow ABC News on Twitter:   / abcnews  

Note: In most cases, our captions are auto-generated.

#ABCNews #ABCNewsAustralia