Figures released by the Australian Bureau of Statistics yesterday showed living standards are going backwards and household spending has slumped.
Annual gross domestic product (GDP) growth unexpectedly fell to 0.8 per cent in September compared with 1 per cent in June, on the back of a limp 0.3 per cent growth in the economy last quarter.
It indicated Australia’s lowest annual economic growth outside of the pandemic since the recession of 1990, and the seventh consecutive quarterly decline in GDP per person.
The little expansion in the economy is being propped up by government spending and immigration.
The Albanese government’s energy rebates have been credited with not only delivering relief for families, but have helping to keep headline inflation low.
Chalmers said without the public sector spending, the economy would have gone backwards.
Speaking yesterday, he said the …