Deloitte downgrading its own forecast<\/a>\u00a0and warning the nation could face the worst growth since the early 1990s recession.<\/p>\nOfficial forecasts say Australia\u2019s GDP per capita may decline further throughout this decade.<\/p>\n
The RBA said growth will slow from 2.5 per cent in the year to the March quarter to just 1.3 per cent by December.<\/p>\n
A decline in GDP per capita during the 2020s follows Australia experiencing per person growth of 25 per cent in the 1990s, 17 per cent in the 2000s and 11 per cent in the 2010s.<\/p>\n
AMP\u2019s chief economist Shane Oliver said real wages declining about five per cent since the pandemic were the primary driver of economic pessimism.<\/p>\n
\u201cReal wages over the past five years have gone backwards to the tune of about five per cent and it’s very rare to have a situation like that,\u201d Mr Oliver told Sky News.<\/p>\n
\u201cYou’ve probably got to go back to the 1970s to see something quite that bad.<\/p>\n
\u201cAnd that, I think, is leading to these concerns, that people can see the cost of living issues, their wages are not keeping up.<\/p>\n
\u201cThey see that as the decline in living standards, and it certainly has been the case over the last five years or so.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Australia\u2019s economic stagnation under Labor is the nation\u2019s \u201cfundamental problem\u201d as a new report shows living standards growth…\n","protected":false},"author":2,"featured_media":817322,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[393005,392984,392996,392993,383008,392966,392982,392949,393003,126503,129494,26137,129446,33873,20172,130065,392952,392997,392971,392968,379039,392980,392992,376925,392987,25908,64,63,392989,99,5612,393014,392972,392969,32092,393008,120167,14934,209254,387841,393007,392950,392976,17119,528,208,208258,28874,5465,5626,15324,392957,392973,392963,392990,392962,1788,392956,34458,393001,7774,392994,392977,392959,392975,392974,393010,392998,50884,392970,1861,392958,316280,20246,392961,7054,47739,392991,392986,392985,5716,47714,393009,393011,392953,392983,220849,220850,392948,392965,393006,392967,392981,376840,378384,313300,384345,393002,393004,122841,392964,392954,392945,392978,392999,23023,382943,382975,392955,392947,188490,382977,392951,393000,377403,392988,393012,239728,392946,393013,378969,392995,392979,389503,364611,34224,4848,303895,392960],"class_list":["post-817321","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-s-fundamental-problem","tag-s-business-conditions","tag-s-chief-economist-shane-oliver","tag-s-economic-stagnation","tag-s-economy","tag-s-gdp","tag-s-growth","tag-s-ranking","tag-s-warning","tag-1-5","tag-1-9","tag-26137","tag-129446","tag-33873","tag-2-5","tag-130065","tag-30-major-economies","tag-a-century","tag-a-decline","tag-a-great-place","tag-a-new-report","tag-a-situation","tag-a-worrying-sign","tag-a-year","tag-about-five","tag-action","tag-au","tag-australia","tag-australia-governor-philip-lowe","tag-business","tag-businesses","tag-capita","tag-capita-income","tag-capita-incomes","tag-cent","tag-cent-growth","tag-december","tag-deloitte","tag-dire-warning","tag-earlier-this-month","tag-economic-pessimism","tag-ex-rba-governor","tag-former-reserve-bank","tag-gdp","tag-getty-images","tag-growth","tag-high-inflation","tag-imf","tag-inflation","tag-interest-rates","tag-international-monetary-fund","tag-its-2026-growth-forecast","tag-its-earlier-forecast","tag-its-own-forecast","tag-just-1-3","tag-just-four","tag-labor","tag-living-issues","tag-living-standards","tag-living-standards-growth","tag-lowe","tag-massive-collapse","tag-mr-lowe","tag-mr-oliver","tag-nearly-three-decades","tag-new-investment","tag-no-net-growth","tag-official-forecasts","tag-oliver","tag-our-living-standards","tag-people","tag-person-growth","tag-philip-lowe","tag-picture","tag-poor-productivity-growth","tag-rba","tag-real-wages","tag-roni-bintang","tag-roni-bintang-getty-images","tag-seven-or-eight-years","tag-shane-oliver","tag-sky-news","tag-snapp-business-now-amp","tag-some-more-fundamental-public-policy-reform","tag-the-1910s","tag-the-1970s","tag-the-1990s","tag-the-2000s","tag-the-2010s","tag-the-2020s","tag-the-afr","tag-the-australian-financial-review","tag-the-cards","tag-the-case","tag-the-cost","tag-the-country","tag-the-covid-pandemic","tag-the-decline","tag-the-early-1990s-recession","tag-the-economy","tag-the-energy-crisis","tag-the-first-world-war","tag-the-former-rba-governor","tag-the-fund","tag-the-fundamental-economic-problem","tag-the-government","tag-the-imf","tag-the-international-monetary-fund","tag-the-last-five-years-or-so","tag-the-march-quarter","tag-the-nation","tag-the-pandemic","tag-the-past-five-years","tag-the-primary-driver","tag-the-rba","tag-the-tune","tag-the-weakest-decade","tag-the-worst","tag-the-worst-growth","tag-the-worst-point","tag-the-year","tag-their-wages","tag-these-concerns","tag-this-decade","tag-this-year","tag-track","tag-wages","tag-world-war-one","tag-worst-level"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/817321","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=817321"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/817321\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/817322"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=817321"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=817321"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=817321"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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