Australia's economy is setting unprecedented records, with jobless rates at historic lows, inflation under control, and luxury spending soaring. Here's how the nation stands out globally.
Australia the Stand-Out Success
Under Labor Treasurer Jim Chalmers' leadership, Australia's economy is thriving:
- Exports surged to a 14-month high of $45.35 billion in March.
- Unemployment rate steady at 4.07%, marking 41 months below 4.25% — the longest streak since 1978.
- Youth unemployment, job participation, and underemployment are at their healthiest since 2008.
- Inflation declined to 2.34%, within the Reserve Bank’s optimal band for nine consecutive months.
- Interest rates cut to 3.85%, with further reductions likely.
Australia is the only major economy with unemployment below 4.2%, inflation below 2.4%, and continuous GDP growth for three years.
Consumer Spending Boom Accelerating
Australians are spending big on luxuries:
- 840,080 overseas trips in March — a record for any March.
- Retail sales on discretionary items (dining out, cosmetics, etc.) hit a fresh record at 31% of all retail turnover.
Housing Program Well Underway
- Private sector housing approvals rose to 9,349 in April, 8.8% above 2023 levels.
- Total private sector dwelling approvals (including apartments) reached 62,473, 18% higher than last year.
Where to for Economics Reporters?
Despite the data, mainstream media struggles to reconcile the Coalition’s economic narrative with Labor’s success. Outlets like Sky News and The Australian Financial Review have scaled back economic reporting or focused on speculative future scenarios rather than current achievements.
Key Takeaway: Australia’s economy is stronger than ever, but not all newsrooms are telling the story.
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