Deloitte's verdict on Australia's economy: it was good while it lasted.
In this commentary, the speaker summarizes Deloitte’s assessment that Australia’s long‑standing economic boom—driven largely by population growth rather than productivity—has ended. While total GDP grew 2.1% last year, per‑capita growth was only 0.7%, indicating a larger but not richer economy. Post‑COVID, roughly half of growth has stemmed from government spending, which the speaker labels unsustainable and likens to a life‑support system. Structural reforms—tax, regulation, and fiscal policy—have been repeatedly called for but ignored, resulting in a budget that does little for households. Deloitte forecasts a decade of weak growth, with no formal recession but households experiencing recession‑like conditions. Consequently, the speaker urges individuals to build personal financial resilience—creating assets and structures they control—since neither the economy nor the government will provide a safety net.
