Australia's economy plunges deeper into per person recession | The Business | ABC News

The nation's economy grew just 0.2 per cent over the final three months of 2023, and 1.5 per cent over the year, according to the Australian Bureau of Statistics National Accounts.

If it wasn't for population growth, the country would be in a recession. These December quarter GDP numbers show the economy is buckling under weight of 13 interest rate hikes.

On a per person basis, the economy has shrunk for three consecutive quarters. For much of the past two years, the government, the RBA and Treasury have had their focus on managing high inflation.

Now, the Treasurer Jim Chalmers will have to use the upcoming federal budget to steer Australia away from the threat of a recession.

Economists say the Reserve Bank may be forced to cut interest rates sooner than expected this year.

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