Economic distress indicators – June 2024

KPMG's latest EDI statistics pack for June 2024 presents an Australian economy teetering on the brink of a recession, with a persistent inflation problem and elevated insolvency levels.

March quarter GDP rose just 0.1 percent, although this (marginal) growth is only thanks to strong population growth, with Australia experiencing a GDP per capita recession for some five quarters now. Insolvency appointments in May reached their highest levels since ASIC started publishing the stats in 1999, and like in recent months, is more than 50 percent above pre-COVID levels. Construction and accommodation and food services industries continue to drive the greatest number of company fa...

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Authors: Gayle Dickerson

Published Date: 20 June 2024