Higher interest rates and inflation have sent the Australian economy into a per capita recession over the last three-quarters of 2023. This means a fall in GDP when calculated on a per person basis. “Official GDP” shows a low 1.5% growth over the same period, with the anomaly due to this measure not taking account of population growth.
The reality is that households are doing it tough. However, this has not dampened purchaser demand in the SME marketplace where brokers are reporting solid transactional activity for Business to Business (B2B) businesses (outside of the discretionary retail spend sectors).
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