‘Disastrous’: GDP figures show standard of living is ‘falling’

Bondi Partners Senior Advisor Peter McGauran has slammed the Albanese government for its “disastrous” economic growth figures which show Australia’s standard of living is “falling”.

The latest national accounts data for the September quarter reveals a 0.3 per cent GDP growth, according to the Australian Bureau of Statistics.

The national accounts figures also showed an annual GDP growth of 0.8 per cent.

“Disastrous figures and it just confirms that Australia’s standard of living is falling with little hope of increasing in the years to come,” Mr McGauran told Sky News Australia.

“There’s no action on productivity, or on taxation reform, on reduction of business regulation, and so on.

“I’m afraid we’re now paying the price for inactivity on basic economic reform.

“If it weren’t for government spending, that tepid growth rate would be even lower.”