The Q3 2024 national accounts, released this month, revealed that Australia’s economy grew by only 0.8% over the year, the weakest annual growth since the early 1990s recession.
The situation was worse adjusting for population growth, with real per capita GDP declining for six consecutive quarters.
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The market (private) sector has borne the brunt of the decline, with public demand driving the economy’s growth over the last three quarters.
Australia’s market sector has also experienced near-zero job growth since Q4 2022.
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Given the fundamental weakness of Australia’s market sector economy, it makes sense that business insolvencies have soared.
New ASIC data published by The Australian shows that almost 26,000…
