Another shocking year for the Australian economy

The Australian Bureau of Statistics (ABS) last week released the annual national accounts for the 2024-25 financial year, which are summarised below.

While the aggregate Australian economy grew by 1.4% for the second consecutive year, per capita GDP continued to shrink.

Real per capita GDP declined by 0.3% in 2024-25, which follows the 1.0% contraction the year prior.