Executive summary

  • Australia’s economy is growing faster than virtually all other developed economies
  • But the decent Q1 GDP headlines masked worrying developments beneath the surface
  • Growth remains one-dimensional, with export volumes delivering virtually all of the GDP growth
  • Income per head of population continues to fall – this normally happens only during a recession
  • Productivity remains sluggish, despite new resources output finally coming on stream
  • The RBA cut interest rates back in May, but scope for provision of further policy support is limited

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