Home Media Releases AUSTRALIANS ARE POORER UNDER LABOR

AUSTRALIANS ARE POORER UNDER LABOR

Back to top
Released 25/09/2023

TONY PASIN MP

MEMBER FOR BARKER

ASSISTANT SHADOW MINISTER FOR INFRASTRUCTURE AND TRANSPORT

MEDIA RELEASE

AUSTRALIANS ARE POORER UNDER LABOR

 

Member for Barker Tony Pasin MP says after more than a year of the Albanese Labor Government, the latest National Accounts show Australia is now in a per capita recession.

 

Australians are poorer per person than they were six months ago with the economy only growing off the back of record population growth.

 

“Under Labor, living standards are going backwards, the economy is shuddering to a halt and Australians are feeling poorer under this poor performing government,” Mr Pasin said.

 

“The economy is only growing because the population is growing. If wasn’t for record migration Australia would be in a technical recession.

 

“Cost of living pressures are bearing down on household budgets. Australians are needing to work more hours to make ends meet but they’re working more hours for less.

“The government is distracted. It has the wrong priorities; it’s making the wrong calls and Australians are paying the price.” Mr Pasin said.

 

What the June quarter National Accounts tell us:

 

  • Australia has entered a per capita recession meaning the economy is only growing because the population is growing.
  • Productivity has fallen for three consecutive quarters for the first time since 2005 and is experiencing its deepest three-quarter fall on record.
  • Hardworking Australians with a mortgage are paying double the amount of interest compared to a year ago.
  • Australians are paying more income tax – a whopping 15% more than they were a year ago.
  • The household savings ratio has fallen to its lowest level since March 2008.
  • Discretionary spending has dropped for the third quarter in a row meaning families are spending less of their hard-earned money on the things they want because they are struggling just to pay for the things they need.
  • GDP grew just 0.4% with population growth the only thing propping up the economy.

 

Media Contact: Charlotte Edmunds 8724 7730