Jul 22, 2026 – 5.00amAustralia is heading for its weakest decade of living standards growth in more than a century, fuelling support for One Nation and prompting former Reserve Bank governor Philip Lowe to warn that fundamental policy change is needed to encourage business investment.GDP per person has risen by just 4 per cent so far this decade, putting the 2020s on track to be the weakest period for living standards since the 1910s, after years of stagnant productivity were compounded by the COVID-19 pandemic, the energy crisis triggered by Russia’s invasion of Ukraine and high inflation.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
Australia faces worst decade for living standards since World War I
The projected weakest growth in more than a century has prompted former Reserve Bank of Australia governor Philip Lowe to warn that the nation needs reform.
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