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 high levels of immigration.

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

This was the weakest level of economic activity in Australia since the 1991 recession, barring a pandemic.

Australia also remains in per capita recession, with output declining for every Australian, while workplace productivity also declines.

Treasurer Jim Chalmers blamed the cost of living crisis for weak economic activity in Australia, with economists not expecting a rate cut anytime 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, under pressure from interest rates, cost of living pressures and global uncertainty.”

The annual growth rate of 0.8 percent was well below Commonwealth Bank expectations of a 1.1 percent increase and well below the 30-year average of 3 percent.

Australian Bureau of Statistics data shows GDP per capita shrank 1.5 percent over the year, extending the per capita recession that started in early 2023.

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

But the economy grew by just 0.3 percent in the September quarter – or over three months.

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

A net of 509,800 migrants moved to Australia in the year to March.

Australia’s population grew by 2.3 percent – ​​a level that almost triples Australia’s very weak annual economic growth rate of 0.8 percent.

Immigration has barely slowed, with 449,060 migrants moving to Australia in the year to September – despite the Treasury’s May budget predicting a slowdown to just 260,000 in 2024-25.

Australia’s underlying inflation was still high at 3.5 percent in September – or at a level well above the Reserve Bank’s 2 to 3 percent target.

Services inflation is even higher at 4.6 percent.