Australian Households Struggle as GDP per Capita Falls for 6th Consecutive Quarter

Australia’s Gross Domestic Product (GDP) per capita was down for the sixth consecutive quarter, falling by 0.4 percent. Excluding the COVID-19 pandemic period, annual economic growth was the lowest since the 1991-92 financial year, which included the gradual recovery from the 1991 recession. However, the last quarter reported some growth with GDP rising by 0.2 percent in the June quarter of 2024 and by 1.5 percent in the 2023-24 financial year. “The Australian economy grew for the 11th consecutive quarter, although growth slowed over the 2023-24 financial year,” said Katherine Keenan, Australian Bureau of Statistics (ABS) head of national accounts, while releasing the latest GDP numbers on Sept. 4....