It is not your imagination, as a nation we
are getting poorer and our money is quickly losing value,
“Australia is already
experiencing a prolonged per capita recession.
As illustrated in the
following chart, Australia’s per capita GDP has fallen for five consecutive
quarters and six times in the last seven quarters:
Next week, the Australian
Bureau of Statistics (ABS) will release the Q2 national accounts, which will
show that per capita GDP fell for a sixth consecutive quarter…
…Given that Australia’s
population increased by 0.65% in Q2, as implied by figures from the retail
trade release, this suggests that per capita GDP declined another 0.45% over
the quarter.”[1]
According to Macrobusiness household disposable income in
Australia is falling at a fast rate while other OECD nations have seen increases.
The retail sector has taken massive declines because of this, and the job
market is deteriorating,
“Deloitte Access Economics
cautioned that retail conditions won’t ease anytime soon amid reduced spending
by households due to mortgage rates and cost-of-living pressures.
Deloitte Access Economics
partner David Rumbens described the retail sector as an “economic horror show”
given the high cost of living, increasing insolvencies, elevated interest
rates, and the deteriorating job market.”[2]
So, it is not your imagination. A family member showed me
the other day what it cost them nearly $600 to get from the grocery store, and
it was not fancy stuff, or what you would think $600 worth of groceries would
be. We are being slowly strangled in this nation, and our government has the
gall to act like wealth is increasing. There are even politicians who are
suggesting that people should pay more wealth taxes, because houses, and some other assets, are worth
so much more. But what use is your house being worth more to you, if you are not
intending to, or cannot sell it and rebuy somewhere else?
With one of Australia’s leading exports, iron
ore, having significantly dropped in value this year, it appears that the
Australian economy is about to get the rude wake up call that many have been
predicting for some time.
The thing about being a lucky country is that eventually
your luck runs out. In this case the luck is running dry because of an
increasingly arrogant nation that flaunts sexual depravity and other
degradations continually, a lack of moral or courageous leadership from our governments
across the board, and a terrible greed that has turned Australia’s housing
market into a system for boomers to fleece all other generations so they can
support lavish lifestyles right up to the time they leave this world. All of this
is building towards a whirlwind of trouble for the Australian economy. Hold on
to your hats.
[1] Leith Van Olsen 2024, https://www.macrobusiness.com.au/2024/08/deep-australian-recession-locked-in/
[2]
Ibid.
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