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Economics
06 Jun 2024
Australian economy weak, ABS figures say
National accounts data released this week paint a sombre picture of the Australian economy.
The economy expanded by an anaemic 0.1 per cent in the March quarter of 2024, following growth of 0.3 per cent in the December quarter.
Overall, the economy grew by 1.1 per cent over 12 months.
The deterioration of the economic situation continues to be masked by strong population growth.
GDP per capita decreased by 0.4 per cent, marking the fifth consecutive quarter in which this measure went backwards.
Sluggish productivity growth remains a concern; GDP per hour worked fell from 0.5 per cent to zero.
Cost-of-doing-business pressures are mounting, and margins are being squeezed. Private corporations’ gross operating surplus was down 7.3 per cent in 2024.
These pressures also suppress business investment, with private investment declining by 0.8 per cent for the quarter.
More support is needed to drive business investment, essential to restoring productivity growth and reigniting the economy.
Fair Work Commission approves 3.75 per cent increase
The Fair Work Commission this week decided to raise the national minimum wage and modern award minimum wages by 3.75 per cent.
This is slightly above current inflation and well over the Reserve Bank’s target range for inflation.
The decision repudiated the irresponsible demand from the ACTU of five per cent.
The FWC noted that the decision would impact 20.7 per cent of the Australian workforce or about 2.6 million employees.
The commission said it considered the benefits of the Stage 3 tax cuts and the Budget cost-of-living measures, both of which are expected to increase household disposable income.
See ACCI’s media release here.
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