Gloomy Economic Outlook: Australia Falls Into per Capita Recession

While the Australian economy is still expanding, it is unable to keep pace with population growth.  

People walk along Flinders Street, in Melbourne, Australia, on June 28, 2022. AAP Image/Diego Fedele

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.