Social media users highlight Australia’s flat GDP per capita since 2022 despite headline GDP growth, attributing it to record mass migration of around 1.3 million people inflating economic figures.
They criticise high money supply growth at 8.32%, household debt max-out, and housing prices consuming larger income shares amid currency debasement from money printing and home loans.
The Australian economy is cactus. It’s just a voter importation machine blowing a housing bubble that’s maxed out household debt. The implosion is going to be catastrophic. (Matt Barrie)
Matt Davey has just prepared something on this very topic to show that Australia has technically been in recession since 2022.
After the pandemic, Australia’s headline GDP kept rising. On paper, the economy looked like it was growing, but record-level mass migration helped inflate the headline numbers while GDP per person flatlined.
The total economy was getting bigger, but the average Australian’s share of that economy was not keeping up.
If Labor hadn’t overseen record-level mass migration of around 1.3 million people since 2022, Australia’s headline GDP would have looked much weaker, an official recession would have been much harder to avoid and Australians’ living standards would likely be under far less pressure today.
Additional concerns include low productivity, Net Zero policies, and declining living standards for average Australians.
