Australia’s economy growing at slowest pace in decades and that is a big problem for Labor as it gets into election mode.
Whatever achievements the Albanese government wants to boast about in the upcoming federal election campaign, managing the economy is unlikely to be one of them. The Australian economy is suffering such feeble growth that the less said the better.are bad news for Labor. Australia’s economy grew by a less than expected 0.3 per cent in the September quarter and dragged annual growth down to just 0.8 per cent for 2023-24.
But household spending, the single largest part of the economy, was flat despite pay rises and stage 3 tax cuts. Spending on essentials fell by 0.1 per cent, largely due to drops in expenditure on electricity, gas and other fuels. This was caused by the federal government’s energy subsidies which kicked in from July and a warmer-than-normal winter. However, spending on discretionary goods edged up by 0.1 per cent, thanks to extra spending on clothing and footwear.
Now Chalmers has been forced to admit the National Accounts figures were below expectations but, switching into election mode, he rounded on the opposition, holding out the possibility that without Labor they could have been more wretched.
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