Gloomy Economic Outlook: Australia Falls Into per Capita Recession

The Australian economy has shown worrying signs as the nation enters into the second quarter of declining economic output per capita. According to the latest national accounts, Australia’s GDP per capita dropped by 0.5 percent in the September 2023 quarter, following a 0.1 percent fall in the June quarter. With two consecutive quarterly drops in economic output growth, Australia has technically sunk into a GDP per capita recession. In contrast, the GDP grew slightly by 0.2 percent in the three months to September, down from a 0.4 percent increase in the June quarter. “This was the eighth straight rise in quarterly GDP, but growth has slowed over 2023,” said Katherine Keenan, the head of national accounts at the Australian Bureau of Statistics (ABS)....