Another lost decade beckons for Australians

Australia’s economy suffered a lost decade in the 2010s amid the collapse in per capita GDP and productivity growth.

This decade is shaping up as another lost decade, with the economy trapped in a long per capita recession amid the worst labour productivity growth in the advanced world.

The August Statement of Monetary Policy (SoMP) from the Reserve Bank of Australia (RBA) warned that the domestic economy can now only sustain a GDP growth rate of just 2% annually, implying that per capita GDP will barely grow.