Growth without an engine
Export-led growth is the right ambition, but the engine that will deliver it never gets built. Two new household surveys show why.
Growth has been here before — 5.8 per cent in FY21, 6.2 in FY22 — and both times it was gone within a year. The two charts above are the same story told twice: an expansion powered entirely by more people working, and what happens to expansions like that.
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