The brutal reality of life under Anthony Albanese as economy grows at weakest pace in more than three decades

Australia’s economy is barely growing despite record levels of immigration.

The country’s gross domestic product grew just 0.8 percent in the year through September.

This was Australia’s weakest level of economic activity since the 1991 recession, outside of a pandemic.

Australia also continues to suffer a per capita recession in which the output of every Australian has been declining while productivity in the workplace is also declining.

Treasurer Jim Chalmers blamed the cost of living crisis for Australia’s weak economic activity, and the economist does not expect any interest rate cuts soon.

“Today’s National Accounts confirm that growth in the Australian economy remains positive but weak,” he said.

“Our economy is growing but very slowly, weighed down by interest rates, cost of living pressures and global uncertainty.”

The annual growth rate of 0.8 per cent was well below the Commonwealth Bank’s expectations of a 1.1 per cent rise and is well below the three-decade average of 3 per cent.

Australian Bureau of Statistics data showed GDP per capita fell 1.5 percent over the year, continuing a per capita recession that began in early 2023.

Australia is not yet in a technical recession, defined as two consecutive quarters of GDP decline.

But the economy grew only 0.3 percent in the September quarter, that is, in a period of three months.

Historically weak economic activity has also coincided with record immigration levels.

In the year to March, 509,800 net migrants moved to Australia.

Australia’s population grew by 2.3 per cent, a level that is almost triple Australia’s very weak annual economic growth rate of 0.8 per cent.