Another shocking year for the Australian economy

Tuesday 28 October 2025

The Australian Bureau of Statistics (ABS) last week released the annual national accounts for the 2024-25 financial year, which are summarised below.

While the aggregate Australian economy grew by 1.4% for the second consecutive year, per capita GDP continued to shrink.

Real per capita GDP declined by 0.3% in 2024-25, which follows the 1.0% contraction the year prior.

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.