Opposition Leader Bill Shorten has said “It is gravely concerning that the economic growth numbers for this country came in at half what the market expected.”
Low growth in the Australian economy is now cemented a trend under Prime Minister Abbott and the Liberal-National Coalition.
Every economic quarter since Abbott’s election two years ago, economic growth has come in below trend. This below trend growth explains why Australia has the highest number of unemployed people in 20 years, 800,000 people.
“Our growth is down under Mr Abbott and what is happening in Australians are losing their jobs as a result.”
▪ Unemployment has increased from 5.7 to 6.3 per cent to now be at 13-year highs;
▪ For the first time in over 20 years, more than 800,000 Australians are out of work;
▪ The Australian economy is stuck at below-trend growth of 2 per cent, with annual growth trending down since Hockey’s damaging first budget last year;
▪ Consumer sentiment is 11 per cent below where it was at the election;
▪ New taxes and charges mean Australians are paying more tax than any time since the Howard Government, and rising each and every Budget year;
▪ The Budget deficit doubled in just the last 12 months.