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The Guardian - AU

Business

Greg Jericho

Australia is on the brink of recession. So why does the RBA think we are spending too much?

RBA Recession GDP Australia Economy Unemployment

Shoppers in Sydney — March quarter GDP figures show wages are not keeping up with costs and we are barely increasing our spending on anything other than essentials. Photograph: Steven Saphore/AAP

The latest GDP figures reveal that the RBA has got its wish of an economy growing so slowly that it teeters on the edge of a recession. Now we wait to see if unemployment also starts to falter and tips us over that edge.

No, we are not in a recession, but cripes, the March quarter national accounts show an economy performing as badly as it can without actually being in recession.

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