Australia’s living standards at risk as the 2020s are the worst decade for growth on record

The 2020s are shaping up as the worst decade for living standards growth in Australia on record, which economists say is the result of a decade-long productivity slump combined with the economic shocks of COVID-19 and the Iran war condensed into a six-year time frame.

Analysis by AFR Weekend shows growth in gross domestic product per person has averaged 0.7 per cent a year since 2020, the lowest of any decade on record and a third of the rate for the 1990s.

Loading…