Truck Loans Australia

Australia`s leading independent online truck loan resource.

Truck Loans Australia :: News

SHARE

Share this news item!

Australia Grapples with Prolonged Economic Slowdown

Australia Grapples with Prolonged Economic Slowdown

Australia Grapples with Prolonged Economic Slowdown?w=400

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

Australian citizens are currently navigating through an unprecedented economic phase, marked by the most prolonged recession per capita in the nation's history.

This downturn has extended through six consecutive quarters of declining economic output, with a total of seven declines across the last eight quarters.

The Organization for Economic Co-operation and Development (OECD), in its recent economic outlook, revised Australia's GDP growth projection for 2024 downwards-from an anticipated 1.5% growth to a more conservative 1.1%. Looking further ahead, it forecasts a gradual recovery with an expected GDP increase of 1.8% by 2025.

Despite these projections, Australia's population growth of 2.4% for the year ending June 2024 tends to exacerbate the per capita recession, hinting that this economic hardship might persist beyond previous expectations. The ramifications of these economic conditions are predominately felt by average households.

The Reserve Bank of Australia's steadfast approach in raising interest rates has placed a substantial burden on household budgets. This has led to a 2.4% reduction in household consumption from its apex in real per capita terms.

More noticeably, real per capita household disposable income plunged by an unprecedented 8% from its earlier highs. This constitutes the steepest decline observed in contemporary economic analysis according to recent statistics from the Australian Bureau of Statistics (ABS).

August figures from the ABS Household Spending Indicator reported stagnant spending in nominal terms, succeeding prior decreases of 0.5% in July and 0.1% in June. Robert Ewing, head of business statistics at ABS, observed, "Growth in household spending has stalled at the start of the financial year, even as the Federal government's Stage 3 tax cuts came into effect on 1 July".

An analytical depiction by Justin Fabo from Antipodean Macro, matched ABS Household Spending Indicator data with household consumption figures from quarterly national accounts. The analysis suggests a persisting frailty in these accounts throughout Q3, indicating that the current recession per capita is far from over.

The new policies, including the Stage 3 tax cuts designed to boost economic engagement and consumer spending, appear to have offered limited relief as the economy remains dormant. Acknowledging information from the original source, The OECD Digest, it's evident that while several measures are in play, the anticipated economic rejuvenation remains elusive.

Published:Tuesday, 8th Oct 2024
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

Share this news item:

Finance News

EU's Strategic Investment in Australian Critical Minerals

EU's Strategic Investment in Australian Critical Minerals

27 Nov 2025: Paige Estritori

The European Union (EU) is set to make direct investments in Australian critical minerals projects, aiming to secure essential resources vital for industries such as artificial intelligence (AI) and defence. This strategic move follows discussions between EU Trade Commissioner Maros Sefcovic and Australian Resources Minister Madeleine King, highlighting the EU's commitment to diversifying its supply chains and reducing reliance on unstable external sources. - read more

Strengthening Pacific Ties: The Nakamal Agreement

Strengthening Pacific Ties: The Nakamal Agreement

27 Nov 2025: Paige Estritori

In a significant move to bolster regional partnerships, Australia and Vanuatu have signed the Nakamal Agreement, a $325 million bilateral treaty aimed at enhancing economic, security, and cultural cooperation. Named after Vanuatu's traditional communal meeting place, the 'nakamal,' this agreement underscores the deepening ties between the two nations. - read more

South Australia's Marine Ecosystem Under Threat

South Australia's Marine Ecosystem Under Threat

27 Nov 2025: Paige Estritori

Since March 2025, South Australia has been grappling with a harmful algal bloom (HAB) that has significantly impacted marine life, local industries, and public health. The bloom has affected vast coastal areas, leading to mass fish kills and posing challenges for the fishing and aquaculture sectors, as well as tourism and beachgoers. - read more

ASIC Advocates for Stronger Oversight in Private Lending

ASIC Advocates for Stronger Oversight in Private Lending

27 Nov 2025: Paige Estritori

The Australian Securities and Investments Commission (ASIC) has recently highlighted the necessity for enhanced regulatory measures within the nation's private lending sector. This call to action stems from findings that reveal inconsistencies and potential risks that could adversely affect both investors and borrowers. - read more

Australian SMEs Increasingly Opt for Non-Bank Lenders

Australian SMEs Increasingly Opt for Non-Bank Lenders

27 Nov 2025: Paige Estritori

Recent data indicates a significant shift in the financing preferences of Australian small and medium-sized enterprises (SMEs), with a growing number opting for non-bank lenders over traditional banking institutions. This trend underscores the evolving needs and challenges faced by SMEs in the current economic climate. - read more

Click for more Finance News

Truck Loans Articles

Essential Financial Safety Nets for Aussie Truck Drivers

Essential Financial Safety Nets for Aussie Truck Drivers

Welcome to the road less traveled, where the rubber meets financial prudence. Truck driving in Australia is not just about long miles but also about ensuring financial stability amidst life's crossroads. As a truck driver, taking the wheel of your financial future is crucial, and that's what we'll navigate in this article. - read more

The Commercial Buyers Guide to Buying a Used Truck in Australia

The Commercial Buyers Guide to Buying a Used Truck in Australia

With the evolution of the logistics industry and small businesses gaining momentum in Australia, the market for used trucks has witnessed substantial growth in recent years. This surge is a testament to the pivotal role commercial vehicles play in driving the economy forward, keeping supply chains agile and businesses thriving. - read more

The Pros and Cons of Leasing vs. Buying a Truck for Your Business

The Pros and Cons of Leasing vs. Buying a Truck for Your Business

Small businesses that require regular transportation of goods may find it essential to purchase a truck. However, this acquisition can become a significant investment that requires careful consideration before making a decision. The two options available are buying or leasing a truck. In this article, we will explore the pros and cons of each option to help you make an informed choice. - read more

Maximizing Your Investment: Strategies for Enhancing Truck Resale Value in Australia

Maximizing Your Investment: Strategies for Enhancing Truck Resale Value in Australia

The commercial vehicle market in Australia is a cornerstone of the transportation and logistics industries, with trucks playing an indispensable role. Whether for long-haul deliveries across the vast distances of the continent or for urban distribution, trucks are critical assets for businesses and entrepreneurs alike. This significance makes it essential for commercial vehicle buyers to understand the dynamics of truck resale values in Australia. - read more

The Most Important Factors to Consider When Buying a Truck

The Most Important Factors to Consider When Buying a Truck

Buying a truck is a major investment, whether it's for personal use or business purposes. With the plethora of options available in the Australian market, it's important to consider various factors before making a purchase. Your specific needs, budget, lifestyle, and work requirements should be taken into account before making a decision to ensure the truck you buy fits your needs. - read more

Start Here

Get a free truck loan eligibility assessment and compare truck finance and leasing options without accessing your credit file!!

Knowledgebase

Interest Rate:
A rate which is charged or paid for the use of money. An interest rate is often expressed as an annual percentage of the principal. It is calculated by dividing the amount of interest by the amount of principal. Interest rates often change as a resul

This website is owned and operated by Clark Family Pty Ltd (ACN 010 281 008) as Trustee for the Clark Family Trust (ABN 35 957 893 714), 43 Larch Street Tallebudgera QLD 4228. Clark Family Pty Ltd is an Authorised Representative (AR 1298860) of Unique Group Broker Services Pty Ltd (AFSL 509434) for financial product referrals and an Authorised Credit Representative (ACR 401491) of Saccasan Pty Ltd (ACL 386297). Check our licensing details on the ASIC registers: Clark Family Pty Ltd ACR, Clark Family Pty Ltd AR, Saccasan Pty Ltd, Unique Group Broker Services.

powered by Financial Services Online | © Copyright Clark Family Pty Ltd - all rights reserved

IMPORTANT: We do not provide financial product advice or credit assistance. We act solely as an introducer and refer enquiries to licensed third-party intermediaries, insurers, and lenders - with whom you can then deal directly. We may receive a fee or commission from these third parties in consideration for the referral. Before any action is taken to obtain a product or service referred to by this website, advice should be obtained (from either the third party to whom we refer you or from another qualified intermediary) as to the appropriateness of obtaining those products having regard to your objectives, financial situation and needs. Whilst we have our own process for validating the legitimacy of our referral partners, you should always verify the credentials of your financial adviser before proceeding with recommendations that they may present. Visit the ASIC website for further information.