Melbourne's Queen Victoria Market. Source: Unsplash/Linda Xu
Australia’s economy will limp along after recovering from the pandemic, failing to regain the growth it had either in the years leading up to the crisis or the much higher growth in the decades before.
That’s the consensus of the 23 leading Australian economists assembled to take part in The Conversation’s July 1 forecasting survey — a panel that includes former Treasury, Reserve Bank and International Monetary Fund officials and modellers, as well as policy specialists from 13 Australian universities.
On balance, the panel expects year-average economic growth (the measure reported in the budget) to slide from 4% this financial year to just 2.2% by 2024-25, well below the average of 2.6% assumed in this week’s intergenerational report.