Australia’s economy is on track for its sharpest decline in growth in more than three decades. Deloitte now expects just 1.1% expansion by 2026. That would be the slowest expansion since the last major downturn. Records show no bigger fall this severe since then.
Wage increases stay stuck at low levels. The government has updated policies to pull in more skilled workers. The goal is to fill gaps in country towns where businesses find it hard to recruit.