‘Massive collapse on the cards’: Dire warning as Australia’s economy slides

Institute of Public Affairs Chief Economist Adam Creighton warns Australia is in a perilous position after GDP per capita shrank for the tenth time in 15 quarters.

“It’s very bad news, ten of the last 15 quarters we’ve seen shrinkage in GDP per capita,” Mr Creighton told Sky News Senior Reporter Caroline Marcus.

“Australia’s in a very bad position, and the federal government is doing absolutely nothing to help it.

“I think they’re really going to regret what they’re doing.

“You don’t want a massive collapse, and that is currently on the cards, I will say.”