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

Introducing 'Wealth': The Australian's New Personal Finance Hub
Introducing 'Wealth': The Australian's New Personal Finance Hub
28 Jan 2026: Paige Estritori
The Australian has unveiled 'Wealth', a dedicated digital-first section designed to assist Australians in making informed financial decisions. This initiative reflects the publication's commitment to providing comprehensive coverage on personal finance topics, including investment strategies, superannuation, retirement planning, and property investment. - read more
Beware: Scammers Posing as ASIC to Extract Payments
Beware: Scammers Posing as ASIC to Extract Payments
28 Jan 2026: Paige Estritori
The Australian Securities and Investments Commission (ASIC) has issued a warning to the public regarding a surge in scams where fraudsters impersonate the commission. These scammers are contacting individuals via emails and text messages, falsely claiming that a payment is required to release funds or assets. Find out now if you qualify and compare rates, offers and options from multiple lenders - without a credit check! - read more
Australian ETF Market Achieves Record $309.3 Billion Valuation
Australian ETF Market Achieves Record $309.3 Billion Valuation
28 Jan 2026: Paige Estritori
Australia's exchange-traded fund (ETF) industry has experienced significant growth, increasing by $63 billion since the start of the year to reach a total valuation of $309.3 billion by the end of September 2025. This milestone reflects the growing popularity of ETFs among Australian investors seeking diversified and cost-effective investment options. - read more
Crusader Caravans Teams Up with BIG4 Holiday Parks to Elevate Your Caravanning Journey
Crusader Caravans Teams Up with BIG4 Holiday Parks to Elevate Your Caravanning Journey
28 Jan 2026: Paige Estritori
In an exciting development for Australian caravan enthusiasts, Crusader Caravans has announced a strategic partnership with BIG4 Holiday Parks. This collaboration aims to provide new caravan owners with a suite of exclusive benefits, enriching their travel experiences across the country. - read more
Australian Caravan Holiday Parks Set New Records in Occupancy Rates
Australian Caravan Holiday Parks Set New Records in Occupancy Rates
28 Jan 2026: Paige Estritori
Recent data reveals that Australian caravan holiday parks have achieved record-high occupancy rates, underscoring the growing appeal of caravanning among Australians. This surge is attributed to successful promotional campaigns and an increasing desire for domestic travel experiences. - read more
Click for more Finance News


Truck Loans Articles

Essential Checklist for Commercial Vehicle Loan Approval
Essential Checklist for Commercial Vehicle Loan Approval
In the journey to secure a commercial vehicle loan, preparation is key. Just as a vehicle needs to be in perfect condition to hit the road, your loan application requires meticulous attention to detail to ensure a green light from lenders. This article embarks on the essential journey of understanding the critical checkpoints before applying for a commercial vehicle loan. We navigate through the path of prerequisites that pave the way for a seamless approval process. - read more
Why a Pre-Approval Can Give You an Advantage When Buying a Truck
Why a Pre-Approval Can Give You an Advantage When Buying a Truck
When purchasing a truck, whether for personal use or business, navigating the financial landscape can be daunting. This is where pre-approval comes into play. But what exactly does pre-approval mean in the context of buying a truck? - read more
Understanding the Fine Print: What to Look Out for in Truck Loan Contracts
Understanding the Fine Print: What to Look Out for in Truck Loan Contracts
Stepping into the realm of commercial truck financing can be a highway riddled with complex terms and conditions. Understanding commercial truck loans is not only about getting the keys to a new vehicle; it's a crucial investment in your business's future. As a borrower, you need to navigate through the fine print to find a loan that fits like a glove. - read more
The Ins and Outs of Commercial Truck Loans: A Buyer's Guide in Australia
The Ins and Outs of Commercial Truck Loans: A Buyer's Guide in Australia
Commercial trucks serve as the lifeblood of the Australian economy, providing vital links between industries and markets across the vast landscapes. The importance of these heavy-duty vehicles cannot be overstated, as they are pivotal in ensuring the smooth operation of both urban and rural businesses alike. Engaging in the commercial truck market is a significant investment, and understanding the ins and outs of financing such a purchase is crucial for business success. - read more
How to Get a Truck Loan with Less-Than-Perfect Credit
How to Get a Truck Loan with Less-Than-Perfect Credit
Securing finance for any significant purchase can be a challenge, especially when it comes to acquiring a truck for business purposes. Coupled with a less-than-perfect credit score, this task can seem daunting for many Australians. The ripple effects of financial constraints can impede business operations, affecting the lifeline of commercial ventures that rely on transportation. - read more


Start Here

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

All quotes are provided free and without obligation by a Specialist from our National Broker referral panel. See our Privacy Statement for more details.


Knowledgebase
Consumer Credit Code:
An act of Parliament that governs the relationship that exists between borrowers and lenders.