Economic Explainer - GDP Growth - ACTU Australian Unions

Economic Explainer - GDP Growth

GDP growth is now the slowest it has been since 2009.

Despite a small increase in the quarterly figure, GDP is now at 1.8 per cent for the year. Just six months ago the Reserve Bank was projecting growth of more than 3 per cent.

Working people, have seen stagnant wages growth  for six years under this government, have been running down their savings  and are having to focus all their income on essentials. The Australian economy relies on working people spending money in small and medium businesses, and when that stops so does everything else.

The Morrison Government has no plan to address low wages growth and projected much higher GDP growth in the budget released in May.

In order to reverse the trend we need to address the cause, which is working people not getting real pay rises which allow them to provide a comfortable life for themselves and their families.

We have to address low wages growth in order to turn the economy around.

We can win fair wage rises if we stick together. Join your union.