TED O’BRIEN MP
DEPUTY LEADER OF THE OPPOSITION
SHADOW TREASURER
MEMBER FOR FAIRFAX
MEDIA STATEMENT
Wednesday, 4 June 2025
Today’s National Accounts have shone a spotlight on the true state of the Australian economy under the Albanese Labor Government and the picture is grim.
The economy grew by just 0.2 per cent in the March quarter, well below expectations and far short of what’s needed to lift living standards. Annual growth remains stuck at 1.3 per cent, less than half the long-run average.
Shadow Treasurer Ted O’Brien said the Treasurer paint whatever rosy picture he wants, but the numbers don’t lie.
“The Treasurer’s claim that the economy has ‘turned a corner’ has been torn to shreds, with every indicator pointing to an economy losing momentum. It was nothing more than an empty election slogan.”
“His response to today’s figures revealed a sad lack of ambition for the Australian economy – proclaiming “any growth is a good outcome”.
The Treasurer argued that the country is “well placed and well prepared” – but for what?
- A stalled economy;
- Falling business investment;
- Flat productivity; and
- Households going backwards.
Australia’s household recession continues. Per capita GDP fell again in the March quarter – the eighth decline over the last nine quarters.
“Australians are working harder, earning less, and watching their living standards slip away. And the increase in household savings indicates they are anxious about the future and wanting a buffer in the family budget.”
Real net disposable income per capita since Labor came office (since Q1 2022) is down 6.3 per cent.
“Australians are getting poorer and our economy weaker,” Mr O’Brien said.
Business investment continues to flatline, and even the OECD has warned that Australia’s complex regulations are holding back economic growth.
“When global institutions are sounding the alarm, Labor needs to stop blaming the world and start fixing what’s within its control,” Mr O’Brien said.
“Let’s be clear the Australia’s economy is in a dark place without a light at the end of the tunnel.
“The conversations happening around kitchen tables and boardroom tables across the country aren’t about getting ahead – they are about surviving.
Labor promised a better life for working families. Instead, Australians are being squeezed, living standards are declining, and the economy is going nowhere fast.
ENDS
Media Contact: John Hulin 0430 385 149