If you are feeling financially depleted personally, and pessimistic about the economic outlook generally, figures released this week won’t cheer your mood.

The OECD found Australia was one of 11 developed countries where the real minimum wage had fallen between April 2025 and April 2026.

Meanwhile, Deloitte Access Economics in its latest Business Outlook cut its forecast for growth in 2026–27, with the dismal message, “The economy is now expected to limp along at less than 2.0% annual growth for the next two years”.

This was followed by the International Monetary Fund’s World Economic Outlook data projecting Australia’s GDP growth to be 1.9% this year and 1.7% next year.

Australia’s overall economic growth is slow, but at least it’s in positive territory. However, that’s held up by population increase. On a per capita basis, GDP went backwards in two of the past five quarters (March 2025 and March 2026) and was flat in a third (September 2025).

No wonder consumer confidence is low, and One Nation’s tune rings loudly in the ears of voters who hear it reflecting their grievances.

The government would say, hang on a minute, it’s not all bad. Business investment is strong. Unemployment is still very low. It would also point out that “talking down” the economy can play into “pushing down” the economy.

Nevertheless, the government can read the numbers, and one thing they tell us is that without refuelling that vital growth agent, productivity, we will stay in the doldrums.

Despite all the talk since the election about action to boost productivity, we need faster progress to improve our poor performance.

Yes, some reforms are in the pipeline, for example to remove obstacles and streamline approvals in the building sector and to reduce the regulatory burdens on projects.

But those looking for bigger, faster gains are inevitably turning their........

© The Conversation