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Australia’s real per capita GDP growth has been in structural decline over the past 25 years.
As illustrated below, 10-year annualised GDP per capita growth has fallen to its lowest level in recorded history (outside of the pandemic lockdown), growing by an anaemic 0.8% in 2025:
The most recent national accounts release from the Australian Bureau of Statistics (ABS) reported that real per capita GDP rebounded by 0.4% in the December quarter of 2025 and rose by 1.0% through the year:
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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.