SUNDAY - The economic truth bomb that has Albo worried 💣

News you can trust. Opinions that matter. Now, Ben Fordham comments.

The latest national accounts have been released and after trawling through all the data, you're left with the conclusion that the economy is cooked.

I'd love to be a bit more positive, but have a look through the figures. Australia's real GDP growth has fallen to a mere 1%.

That's the lowest growth rate since the 1991 recession outside of the pandemic.

On a per capita basis, Australia's GDP has actually declined. In fact, per capita GDP growth has now declined six quarters in a row.

That makes it the longest per capita recession in Australian history.

It means per capita GDP growth is down 2% over the last two years, so it paints a grim picture.

And we shouldn't be too surprised because the government is bringing in a record number of migrants while the economy stagnates.

According to the new national accounts data,

Australia's population is growing at a turbocharged rate.

Australia's population growth is now at 2.5% per annum.

That's the highest population growth rate in recent history.

So what happened to the Albanese government reducing immigration?

It gets worse. For the first time in history, Australian labour productivity has fallen for almost two years.

Household disposable income has fallen by just under 3% over the last financial year.

The only thing that's holding up.

The economy, apart from mass migration, is government spending, and that is not a good thing because you're paying for the government spending via all of your taxes, the ones you're paying today, the ones you're paying tomorrow.

The public sector, as a share of GDP, has hit a record high of 27%.

That's 30% higher than it was in 2015.

So the short point here is this.

The Australian economy is in decline without mass immigration and without massive government spending.

So the short point here is this. The Australian economy is in decline without mass immigration and without massive government spending.

We'd be in a full-blown recession.

But let's be honest, we're already in a recession.

A per capita recession.

And there's never been a longer per capita recession in Australian history than the one we're in right now.

And maybe that's why the Treasurer, Jim Chalmers, is desperate at the moment.

He's called out the Reserve Bank for smashing the economy with high interest rates.

And he's launched personal attacks on the opposition leader, Peter Dutton.

He's under pressure, Jim Chalmers.

And so is the economy.