Six charts explain the Australian economy. Three of the most disturbing show living standards going backwards, productivity collapsing and household saving falling to a 15-year low.
Per person, gross domestic product shrank 0.2% in the three months to March, the most outside of a COVID downturn since 2016.
Australia faces an unpredictable global outlook, rising interest rates and wages not keeping up with the cost of living.
The full effects of the eight consecutive increases in the Reserve Bank’s cash rate are yet to become apparent, and there are signs inflation is on the way down.
Australia’s economy grew unusually strongly in the year to June, when interest rate increases were yet to bite.
New figures show economic growth edged closer back towards normal in the months to March, but the gains went to profits rather than wages.
The buying power of wages began slipping mid last year year. The wages share of national income has been sliding since 2016.
Away from the states bouncing out of lockdown, spending growth was weak. The next figures, to be released after the election, might show the economy turning down.
The economy shrank 1.9% in the September quarter, but figures released on Wednesday show spending roaring back as soon as the lockdowns ended.
Looking beyond the latest quarterly GDP figures, the truth is we’re getting better off more slowly than before.
Michelle Grattan discusses the political week that was with Professor Paddy Nixon.
Learning to live with COVID.
Michelle Grattan discusses politics with politics + society editor, Amanda Dunn
Wednesday’s national accounts show the Australian economy entered the delta storm in a better position than any other developed country’s.
The Australian Bureau of Statistics is doing what it can to push back against lobby groups’ over-inflated claims of job creation — but it can’t stop people misusing its figures.
Things looked good, although we were still cautious at the end of March. Our national accounts are prepared with a lag.
Businesses won’t employ more people unless they are prepared to invest. Figures out on Thursday suggest they are.
University of Canberra Professorial Fellow Michelle Grattan and Director of the Institute for Governance & Policy Analysis, Dr Laine Dare discuss the week in politics.
Economic activity has returned to almost what it was before the crisis, but to nowhere near were it would have been were it not for the crisis.
Michelle Grattan discusses the political week that was with Professor Paddy Nixon
Our economy remains far weaker than it was a year ago and far weaker than it would have been had spending not collapsed.