The December quarter national accounts from the Australian Bureau of Statistics (ABS) recorded that GDP per capita fell by 1.0% in 2023:
![Per capita GDP](https://api.macrobusiness.com.au/wp-content/uploads/2024/03/Per-capita-GDP.png)
Real per capita household final consumption also fell by 2.5% in 2023, which drove the 0.3% annual decline in per capita final demand:
![Australian final demand](https://api.macrobusiness.com.au/wp-content/uploads/2024/03/Australian-final-demand.png)
Meanwhile, real per capita household disposable income in Australia plummeted by 6% in 2023—one of the worst performances in the world:
![Household disposable income](https://api.macrobusiness.com.au/wp-content/uploads/2024/04/CBA-household-disposable-income.png)
The International Monetary Fund (IMF) has released its latest World Economic Outlook, which forecasts economic growth of only 1.5% for Australia in 2024 and 2% next year.
Thus, Australia’s growth will lag other advanced nations in 2024 but slightly exceed their growth next year:
![IMF World Economic Outlook](https://api.macrobusiness.com.au/wp-content/uploads/2024/04/World-economic-outlook-projections.png)
Source: IMF World Economic Outlook (April 2024)
The difference is that Australia’s population growth is far higher than most other advanced nations:
![Population growth](https://api.macrobusiness.com.au/wp-content/uploads/2023/12/Australia-vs-advanced-nation-population-growth.png)
Source: Alex Joiner
Therefore, Australia’s growth will lag even more poorly in per capita terms.
Australia’s population is sure to grow by more than 1.5% in 2024, so Australians can look forward to a second consecutive year of recession.
The only thing covering up the economy’s cracks is the Albanese government’s extreme immigration, which is lifting top-line growth while you individually slide backward.
![Australian NOM](https://api.macrobusiness.com.au/wp-content/uploads/2024/03/Historical-NOM-1.png)