‘Per capita recession’: We’re in one, but what does that mean?

Questions have been raised about what a per capita recession is after Federal Treasurer Jim Chalmers confirmed yesterday Australia had entered one.

Chief economist and co-founder of MacroBusiness, Leith van Onselen, says living standards have gone backwards.

“Effectively everybody’s share of the economic pie fell by 0.3 per cent,” he told Neil Mitchell.

Press PLAY to hear what a per capita recession is

Image: Getty Images/Martin Ollman.