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| Name | Australia is in a per person recession as living standards plummet |The Business | ABC News |
| Video Uploader | Video From ABC News (Australia) |
| Upload Date | This Video Uploaded At 06-12-2023 02:57:59 |
| Video Discription | Australian living standards are falling - and if it wasn't for population growth, Australia would be in a recession. The national accounts show the economy barely grew over the three months to September 30, with economic output going backwards by half a per cent per person. Higher interest rates, soaring tax bills and inflationary pressures continue to hit incomes. The amount households are saving is now close to a 16-year low. Subscribe: http://ab.co/1svxLVE Economists say there might be another rate hike in February, depending on whether inflation data for the December quarter comes in higher than expected. But they say as more evidence emerges that the economy has slowed because of higher mortgage repayments, Australians can expect the Reserve Bank to cut interest rates after June, possibly more than once. Read more here: https://www.abc.net.au/news/2023-12-06/abs-september-quarter-gdp-reveals-per-capita-recession-deepens/103194724 ABC News provides around the clock coverage of news events as they break in Australia and abroad, including the latest coronavirus pandemic updates. It's news when you want it, from Australia's most trusted news organisation. For more from ABC News, click here: https://ab.co/2kxYCZY Watch more ABC News content ad-free on ABC iview: https://ab.co/2OB7Mk1 Go deeper on our ABC News In-depth channel: https://ab.co/2lNeBn2 Like ABC News on Facebook: http://facebook.com/abcnews.au Follow ABC News on Instagram: http://instagram.com/abcnews_au Follow ABC News on Twitter: http://twitter.com/abcnews Note: In most cases, our captions are auto-generated. #ABCNews #ABCNewsAustralia |
| Category | News & Politics |
| Tags | Australia | abc | abc news | news | rates | interest rates | cash rate | reserve bank | rba | banks | economy | markets | gdp | recession | per capita recession | Australian economy | inflation | deflation | imports | exports | september | migration | immigration | mortgage | home loans | wages | jim chalmers | government | tax | national accounts | business | business news | finance | finance news | nassim khadem | auspol | households | incomes | spending | population growth |
