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Australian real per capita GDP declined by 0.5% over the first four years of the Albanese government – i.e., between Q2 2022 and Q2 2026.
As a result, Australia is experiencing its slowest growth in living standards since World War I, with GDP per capita up only around 4% so far this decade – the weakest decade since the 1910s, when war, drought, and the Spanish flu caused a 12% collapse.
According to the latest GDP and population growth forecasts from the Reserve Bank of Australia’s (RBA) Statement of Monetary Policy (SoMP), released on Tuesday, Australia’s real per capita GDP will record virtually zero growth over the six-and-a-half years to the end of 2028:
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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