Skip to player
Skip to main content
Skip to footer
Search
Connect
Watch fullscreen
Like
Comments
Bookmark
Share
Add to Playlist
Report
Latest GDP figures not promising for Australians already doing it tough
ABC NEWS (Australia)
Follow
9/5/2024
More and more Australians are turning to charities for support as the country's economy continues to grow at a crawl. Despite projections of a brighter longer-term outlook, economists warn that there's still more pain in store for household budgets.
Category
đŸ“º
TV
Transcript
Display full video transcript
00:00
Ira works a casual job, but like many Australians, she's finding it hard to make ends meet.
00:08
The cost of living is just not affecting people that are unemployed or people that are homeless.
00:13
It's affecting people that work, and I work, and it's not enough.
00:18
She's taken to getting groceries at a free supermarket in Adelaide, which officially
00:23
opened just three weeks ago.
00:25
It means that, you know, there's a little bit money left over for other things.
00:30
The anticipation was there would be around 100 guests a day, and we've been exceeding
00:37
200, 230 people a day.
00:40
Charities say they're seeing more demand, and economists say that's not surprising,
00:46
given this week's data from the Bureau of Statistics.
00:50
While inflation sits at 3.8%, the economy grew by just 0.2% last quarter.
00:56
It paints an economy that is slow, that's very clear, but if you look at it from a longer
01:03
term perspective, it is the slowest that it's been since the 90s.
01:09
While the latest GDP figures show a slow and challenging period, some economists say growth
01:15
could stall even further when the July to September quarterly data is released later
01:20
this year.
01:21
I would suspect that in the short term things might get a bit worse before they get better.
01:26
But Dr Stone says the longer term outlook is brighter.
01:30
I believe it is a matter of time, let the policy do its work, and then we'll see relief
01:35
to households that are really doing it tough.
01:39
It means those holding out for interest rate drops might be left waiting until inflation
01:44
begins to ease.
01:45
In the meantime, services like this one say they're doing what they can to help.
Recommended
1:43
|
Up next
Australia on brink of another 'household recession' with figures falling behind forecast
ABC NEWS (Australia)
6/5/2025
1:47
GDP figures show economic growth has slowed to a near standstill
ABC NEWS (Australia)
6/8/2024
1:42
Australia has its largest current account deficit in six years
ABC NEWS (Australia)
9/4/2024
1:52
Economy exits per capita recession as GDP grows 0.6% in December
ABC NEWS (Australia)
3/5/2025
2:37
Australia’s economy has grown at slowest pace since 1990’s recession
ABC NEWS (Australia)
9/5/2024
1:53
Australia’s GDP grew by just 0.8% in the year to September
ABC NEWS (Australia)
12/4/2024
4:18
Stronger-than-expected growth in private sector wages
ABC NEWS (Australia)
2/24/2021
3:50
The Federal Treasurer Jim Chalmers says while the nation is not expected to go into recession, the cost of living will get worse before it gets better.
ABC NEWS (Australia)
7/28/2022
2:09
Economic forecasts gloomier years ahead with anticipated federal deficits
ABC NEWS (Australia)
12/18/2024
1:58
Federal Labor pledges $1 billion in mental health support if re-elected
ABC NEWS (Australia)
4/8/2025
1:12
Treasurer Jim Chalmers says Australia's economy is strong heading into a predicted global recession
Australian Community Media
4/13/2023
2:34
Economic activity expanded 0.2% over the June quarter of this year
ABC NEWS (Australia)
9/4/2024
0:55
Unemployment rate drops in March as recovery continues
ABC NEWS (Australia)
4/16/2021
1:49
Why are so many Aussie businesses going bust?
Australian Community Media
3/14/2023
1:15
Is Australia heading towards a recession?
Australian Community Media
5/17/2023
1:53
Budget will see base rates of JobSeeker payments increase
ABC NEWS (Australia)
5/9/2023
1:50
HILDA survey finds economic inequality is increasing in Australia
ABC NEWS (Australia)
3/6/2025
1:21
Aussies spending more time shopping online
Australian Community Media
11/14/2022
4:12
GDP figures show economy grew 3.3% in September quarter
ABC NEWS (Australia)
12/2/2020
3:28
Australia’s unemployment rate is already at its lowest level since the 1970s.
ABC NEWS (Australia)
6/16/2022
0:37
Growth still priority say Labour, despite poor figures
ODN
12/23/2024
1:04
South Australian government announces $250 million cost-of-living relief package
ABC NEWS (Australia)
6/6/2024
5:56
Expected new year rate cuts provides breathing space for many Aussies
ABC NEWS (Australia)
1/1/2025
1:55
Western Australian voters cite cost of living crisis as a major concern in upcoming state election
ABC NEWS (Australia)
2/18/2025
2:59
Data analysis reveals it’s become significantly harder for Australians to purchase a home
ABC NEWS (Australia)
11/22/2024