Australia is entering its most extended period of sub-par economic expansion since the early 1990s recession, according to a stark new assessment from Deloitte Access Economics.
The consultancy warns that structural headwinds are intensifying, with higher unemployment and poor wage growth set to define the economic landscape for the next two years.
The forecast signals a difficult grind for households and businesses alike.
With wage growth failing to keep pace with living costs and labor market conditions deteriorating, consumer spending power is likely to remain constrained.
This environment limits the scope for organic economic acceleration and suggests that any recovery will be slow and uneven.
The assessment comes as broader concerns about Australia’s economic resilience mount.