Today’s National Accounts shows the slowest GDP growth since the 1990s, outside the pandemic.   

 

This is the sixth consecutive quarter of negative GDP per person growth.  This is the longest per capita recession in 50 years. 

 

Australia is in an entrenched household and consumer confidence recession. Growth has fallen consistently since Labor came to government. 

 

Productivity for the quarter has fallen by almost 1% and been revised down for previous quarters. The private sector has also gone backwards this quarter.  

 

You cannot bring inflation down and grow the economy, when productivity is collapsing and the private sector in retreat.  

 

This looks, feels, and smells like a recession. Labor has failed to manage inflation and has failed to manage the economy.  

 

This is the consequence of a government that has spent its term fighting everything but inflation.   

 

Labor inherited an economy with low unemployment, strong growth, and recovering government finances – they have wasted it.  

 

Had the Prime Minister and Treasurer taken inflation seriously from day one, Australia would not be in such a dire economic situation. 

 

Instead, they have put Australia on a path to ruin, not recovery.  

 

Under the Albanese Labor Government, there are no winners.   

 

Every single Australian is worse off under the burden of this bad Labor Government: 

• Australian’s living standards, real disposable income per capita, has collapsed 8.7% under the weight of this bad Labor Government 

• Entrenched real GDP per person recession, with six quarters of negative per capita growth. The longest per capita recession in 50 years has been presided over by this bad Labor Government. 

• Productivity has collapsed 6.3% under the weight of this bad Labor Government. 

• Household savings have collapsed 10.2 percentage points under the weight of this bad Labor Government 

• Personal income taxes are 25.3% higher under the weight of this bad Labor Government. 

• Mortgage payments have almost tripled under the weight of this bad Labor Government. 

 

Shadow Treasurer Angus Taylor said blame falls solely at the feet of Anthony Albanese and Jim Chalmers. 

 

“What today’s data confirms is the economy is only being propped up by immigration and government spending.  

 

“That is not responsible economic management.  

 

“Australia is facing two economic fights right now – persistent inflation and a weak economy with an entrenched household recession. 

 

“We need a back-to-basics economic agenda in order to put downward pressure on inflation, while growing the economy.  

 

“But instead, Jim Chalmers and Anthony Albanese’s only solution is to spend more taxpayers’ money while taxpayers suffer under the weight of Labor’s homegrown inflation. 

 

“This government’s economic incompetence has left Australia at the back of the pack.  

 

“Our core inflation has not moved since January. It is higher than comparable nations.  

 

“And living standards have collapsed the most out of any OECD country under Labor.  

 

“It’s abundantly clear that this Labor government is not up to the job and will continue to fail Australians until there is a change in government.”  

 

ENDS.