Today’s National Accounts figures confirmed the economy has all but stalled and with productivity still very weak, Australia is now facing a difficult future with lower living standards and higher unemployment.
The GDP figures confirmed growth in Australia’s economy is stumbling along at an annual rate of just 2.1 per cent, with falls in commodity prices and lower demand for our exports dragging down our national income.
Business Council Chief Executive Bran Black said the data out today confirmed the economy could not withstand the Government’s workplace relations changes, which would result in a further hit to productivity.
“We should be pulling out all the stops to get the economy back on track but, unfortunately, the Government’s workplace relations changes are nothing more than a stop sign for businesses, investment and jobs.
“Given the fragile state of the economy, the Government should not be adding more complexity and cost to businesses and we should all be working together to attract more investment to drive better living standards.”
Mr Black said that growth in the economy has stepped down steadily over the last year with annual growth now well below our long term average.
“Higher government spending is driving the lacklustre growth with the September quarter up by only 0.2 per cent.”