Many thanks to Mark O’Connor for this article from The Canberra Times.
AT last. Australia is out of recession. “What?” I hear you ask, “I thought Australia had escaped the recession.”
Not so. Those eagerly awaited National Account or GDP figures which came out this week do not tell the fully story. And, incidentally, this is the 50th anniversary of the publication of those figures.
Australia has been in recession since about mid-2008, but the economists will not tell you that.
You see, the GDP figures add up national income and determine whether the economy has expanded or contracted. But they do not account for population growth. In the past year population growth has been greater than the growth in the economy. So income per head has gone down, not up as the Government and economists would mislead you into believing. Now you know why you have been feeling the pinch.
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